Leisure Acquisition Corporation’s $1.115 Billion Merger With Gateway Casinos & Entertainment

Proskauer advised Leisure Acquisition Corporation on the deal.

Leisure Acquisition Corporation entered into a definitive agreement for a business combination whereby Leisure will merge into a wholly owned subsidiary of GTWY Holdings Limited in a transaction with a pro forma enterprise valuation of approximately $1.115 billion.

GTWY Holdings is the holding company for Gateway Casinos & Entertainment Limited, one of the largest and most diversified gaming and entertainment companies in Canada, which is currently majority owned by The Catalyst Group Inc. HG Vora Capital Management, LLC, on behalf of certain of its affiliates, is supporting the transaction through a $30 million equity commitment. HG Vora has committed more than $100 million in total, including previously invested capital.

Leisure Acquisition Corporation [NASDAQ: LACQ, LACQU, LACQW] is a special purpose acquisition company (SPAC) based in New York.

The Proskauer team advising Leisure on this deal was led by Jeff Horwitz (Picture), a partner and co-head of the Private Equity Real Estate and Hospitality, Gaming & Leisure Groups, and Daniel Ganitsky, a partner in the Mergers & Acquisitions Group. The team also included partners Stuart Rosow and Malcolm Hochenberg (Tax), Daniel Forman (Capital Markets), senior counsel Lily Desmond (Capital Markets) and John Ingrassia (Antitrust), as well as Lara Miller, Neel Sheth, Elena Roeva, Sara Park (M&A/Private Equity Real Estate) and Janicelynn Asamoto and Sean Webb (Tax).

Involved fees earner: Janicelynn Asamoto Park – Proskauer Rose LLP; Lily Desmond – Proskauer Rose LLP; Daniel Forman – Proskauer Rose LLP; Daniel Ganitsky – Proskauer Rose LLP; Malcolm Hochenberg – Proskauer Rose LLP; Jeffrey Horwitz – Proskauer Rose LLP; John Ingrassia – Proskauer Rose LLP; Lara Miller – Proskauer Rose LLP; Sara Park – Proskauer Rose LLP; Elena Roeva – Proskauer Rose LLP; Stuart Rosow – Proskauer Rose LLP; Neel Sheth – Proskauer Rose LLP; Sean Webb – Proskauer Rose LLP;

Law Firms: Proskauer Rose LLP;

Clients: Leisure Acquisition Corporation;

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Author: Ambrogio Visconti