Endeavor’s $1.2 Billion Acquisition of OpenBet

Cravath, Swaine & Moore represented Scientific Games Corporation in the transaction. Latham & Watkins represented Endeavor.

Scientific Games Corporation (“Scientific Games”), a world leader in entertainment, has entered into a definitive agreement to sell its Sports Betting business, OpenBet, to Endeavor Group Holdings, Inc., a global sports and entertainment company, in a cash and stock transaction valued at approximately $1.2 billion.

OpenBet is one of the world’s leading global online sports betting technology companies, offering an ecosystem of sports content, technology and services to the largest operators around the world. 

The Cravath team was led by partners Robert I. Townsend III (Picture), O. Keith Hallam III and Jenny Hochenberg and includes associates Kelly M. Smercina, Rachel L. Schlobohm and Evan S. Gabor on M&A matters; partner J. Leonard Teti II and associates Cecily Xi and Duncan H. Hardell on tax matters; partner David J. Kappos and associate Carys J. Webb on intellectual property matters; partner Matthew J. Bobby and associates Jana I. Hymowitz and Brendon J. Rivard on executive compensation and benefits matters; practice area attorney Nicole M. Peles on regulatory matters; and practice area attorney Brian M. Budnick on real estate matters.

Latham & Watkins represented Endeavor in the transaction with a corporate deal team led by New York partner Justin Hamill, Chicago partner Jonathan Solomon, London partner Edward Barnett, Singapore partner Farhana Sharmeen, and New York counsel Michael Anastasio, with Chicago associate Matthew Dixon, New York associates Dan Weissman, Aubrey Steiger, and Jesse Lake, London associates Alex McCarney and Migle Vasiliauskaite, and Singapore associate Elisabeth Su-Li Ong. Advice was also provided on capital markets matters by New York partners Ian Schuman and Benjamin Cohen and New York counsel Ellen Smiley; on entertainment, sports, and media matters by New York partner Frank Saviano; on data privacy and security matters by Bay Area counsel Robert Blamires and London counsel Danielle van der Merwe, with Bay Area associate Samantha Maerz-Boening and London associate Jagveen Tyndall; on intellectual property and tech transfers matters by London partner Deborah Kirk and Orange County counsel David Kuiper, with Los Angeles associate Nicole Nour and London associate Luke Vaz; on tax matters by New York partner Matthew Dewitz, with New York associates Alan Kimball and Michael Yu; on benefits and compensation matters by New York partner Austin Ozawa, with New York associates Max Raskin and Anne Bracaglia and London associate Charlie Bowden; on labor and employment matters by Chicago partner Nineveh Alkhas, with Chicago associate Laura Waller; on real estate matters by New York partner Michelle Kelban, with New York associate Sara Aziz and London associate Danni Davies; on finance matters by New York partner Joshua Tinkelman and New York counsel Seniz Yakut, with New York associate Kevin Schoonveld; on antitrust matters by Washington, D.C. partner Mandy Reeves, Brussels counsel Tomas Nilsson, and Washington, D.C. counsel Peter Todaro, with London associate Stephanie Adams and New York associate Sophia Bertran; and on compliance and export controls matters by Washington, D.C. partners Les Carnegie and Joseph Bargnesi, with Washington, D.C. associates Erin Eckles, Andrew Galdes, and Christopher John Rydberg. 

Involved fees earner: Matthew Bobby – Cravath Swaine & Moore; Brian Budnick – Cravath Swaine & Moore; Evan Gabor – Cravath Swaine & Moore; Keith Hallam – Cravath Swaine & Moore; Duncan Hardell – Cravath Swaine & Moore; Jenny Hochenberg – Cravath Swaine & Moore; Jana Hymowitz – Cravath Swaine & Moore; David Kappos – Cravath Swaine & Moore; Nicole Peles – Cravath Swaine & Moore; Brendon Rivard – Cravath Swaine & Moore; Rachel Schlobohm – Cravath Swaine & Moore; Kelly Smercina – Cravath Swaine & Moore; J. Leonard Teti II – Cravath Swaine & Moore; Robert Townsend III – Cravath Swaine & Moore; Carys Webb – Cravath Swaine & Moore; Cecily Xi – Cravath Swaine & Moore; Stephanie Adams – Latham & Watkins; Nineveh Alkhas – Latham & Watkins; Michael Anastasio – Latham & Watkins; Sara Aziz – Latham & Watkins; Joseph Bargnesi – Latham & Watkins; Edward Barnett – Latham & Watkins; Sophia Bertran – Latham & Watkins; Robert Blamires – Latham & Watkins; Charlie Bowden – Latham & Watkins; Anne Bracaglia – Latham & Watkins; Les Carnegie – Latham & Watkins; Benjamin Cohen – Latham & Watkins; Danni Davies – Latham & Watkins; Matthew Dewitz – Latham & Watkins; Matthew Dixon – Latham & Watkins; Erin Eckles – Latham & Watkins; Andrew Galdes – Latham & Watkins; Justin Hamill – Latham & Watkins; Ipek Seniz Yakut – Latham & Watkins; Michelle Kelban – Latham & Watkins; Alan Kimball – Latham & Watkins; Deborah Kirk – Latham & Watkins; David Kuiper – Latham & Watkins; Jesse Lake – Latham & Watkins; Samantha Maerz-Boening – Latham & Watkins; Alex McCarney – Latham & Watkins; Tomas Nilsson – Latham & Watkins; Nicole Nour – Latham & Watkins; Elisabeth Ong – Latham & Watkins; Austin Ozawa – Latham & Watkins; Max Raskin – Latham & Watkins; Amanda Reeves – Latham & Watkins; Christopher John Rydberg – Latham & Watkins; Frank Saviano – Latham & Watkins; Kevin Schoonveld – Latham & Watkins; Farhana Sharmeen – Latham & Watkins; Ian Schuman – Latham & Watkins; Ellen Smiley – Latham & Watkins; Jonathan Solomon – Latham & Watkins; Aubrey Steiger – Latham & Watkins; Joshua Tinkelman – Latham & Watkins; Peter Todaro – Latham & Watkins; Jagveen Tyndall – Latham & Watkins; Danielle van der Merwe – Latham & Watkins; Migle Vasiliauskaite – Latham & Watkins; Luke Vaz – Latham & Watkins; Laura Waller – Latham & Watkins; Daniel Weissman – Latham & Watkins; Michael Yu – Latham & Watkins;

Law Firms: Cravath Swaine & Moore; Latham & Watkins;

Clients: Endeavor; Scientific Games Corporation;