Kirkland & Ellis advised Wynn Resorts, while Weil, Gotshal & Manges LLP serving as legal counsel to Austerlitz Acquisition Corporation I on the deal.
Wynn Resorts, Limited (NASDAQ: WYNN) and Austerlitz Acquisition Corporation I (NYSE: AUS.U) (“Austerlitz I”) have entered into a definitive agreement under which Austerlitz I will combine with Wynn Interactive Ltd., a subsidiary of Wynn Resorts, to create an independent public company. Upon closing of the proposed transaction, the combined company will retain the “Wynn Interactive, Ltd.” name and relist its shares on the Nasdaq Stock Exchange under the new ticker symbol “WBET.”
The combined company is expected to have a post-transaction enterprise value of approximately $3.2 billion. The business combination includes approximately $640 million of cash proceeds from Austerlitz Acquisition Corp I, which is led by William P. Foley II, to help fuel growth.
Wynn Resorts, Limited is traded on the Nasdaq Global Select Market under the ticker symbol WYNN and is part of the S&P 500 Index. Wynn Resorts owns and operates Wynn Las Vegas, Encore Boston Harbor, Wynn Macau, and Wynn Palace, Cotai.
Wynn Interactive is the online gaming division of Wynn Resorts, Ltd. (Nasdaq: WYNN) offering a world-class collection of casino and sports betting mobile options for discerning players who understand the difference between placing a bet and experiencing a bet.
Austerlitz Acquisition Corporation I is a newly incorporated blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.
The Kirkland team advising Wynn Resorts was led by corporate partners Carlo Zenkner (Picture), Eric Schiele and Jonathan Davis and associate Marc Holloway, capital markets partners Robert Hayward and Luke Jennings, and tax partners Mike Beinus and Tara Rhoades.
Weil advised Austerlitz Acquisition Corporation I with a team led by Mergers & Acquisitions partner Michael J. Aiello and included Mergers & Acquisitions partner Sachin Kohli and Mergers & Acquisitions associates Katie Simmonds, Alex Walsh and Dylan Sherwyn (Not Yet Admitted in New York). The team also included International Tax Head Devon Bodoh; Tax associates Alfonso Dulcey and Charlie Roarty; Technology & IP Transactions partner Jeffrey Osterman; Technology & IP Transactions/Privacy counsel Dennis Adams; Technology & IP Transactions/Privacy associates Eliza Cotter, Caleb Small and Mirish Shah; Executive Compensation & Benefits Head Paul Wessel; Executive Compensation & Benefits partner Amanda Rosenblum; Executive Compensation & Benefits associate Robin Caskey; Antitrust partner John Scribner; Antitrust counsel Michael Naughton; and Antitrust associates Vivian Wang and Marie-Marie de Fays.
Involved fees earner: Michael Beinus – Kirkland & Ellis; Jonathan Davis – Kirkland & Ellis; Robert Hayward – Kirkland & Ellis; Marc Holloway – Kirkland & Ellis; Luke Jennings – Kirkland & Ellis; Tara Rhoades – Kirkland & Ellis; Eric Schiele – Kirkland & Ellis; Carlo Zenkner – Kirkland & Ellis; Dennis Adams – Weil, Gotshal & Manges; Michael Aiello – Weil, Gotshal & Manges; Devon Bodoh – Weil, Gotshal & Manges; Robin Caskey – Weil, Gotshal & Manges; Eliza Cotter – Weil, Gotshal & Manges; Marie-Marie de Fays – Weil, Gotshal & Manges; Alfonso Dulcey – Weil, Gotshal & Manges; Sachin Kohli – Weil, Gotshal & Manges; Michael Naughton – Weil, Gotshal & Manges; Jeffrey Osterman – Weil, Gotshal & Manges; Charlie Roarty – Weil, Gotshal & Manges; Amanda Rosenblum – Weil, Gotshal & Manges; John Scribner – Weil, Gotshal & Manges; Mirish Shah – Weil, Gotshal & Manges; Katie Simmonds – Weil, Gotshal & Manges; Caleb Small – Weil, Gotshal & Manges; Alex Walsh – Weil, Gotshal & Manges; Vivian Wang – Weil, Gotshal & Manges; Paul Wessel – Weil, Gotshal & Manges;