Gilbert + Tobin (G+T) is pleased to announce its role in advising Fanatics Betting and Gaming (FBG) on the proposed acquisition of the US arm of PointsBet. The deal valued PointsBet’s US business at $333 million AUD ($225 million USD) and was approved by PointsBet shareholders on 30 June 2023.
FBG is a subsidiary of Fanatics Holdings Inc, that is headquartered in Jacksonville, Florida, New York, and London. Founded by Michael Rubin, Fanatics is building a leading global digital sports platform. The company ignites the passions of global sports fans and maximises the presence and reach for hundreds of sports partners globally by offering products and services across Fanatics Commerce, Fanatics Collectibles, and Fanatics Betting & Gaming, allowing sports fans to Buy, Collect and Bet. ASX-listed PointsBet launched its US online sports betting brands in the US in 2019 which expanded rapidly. The US business is currently PointsBet’s main undertaking for the purposes of the ASX Listing Rules and as such the acquisition by FBG requires shareholder approval which was obtained at PointsBet’s extraordinary general meeting on Friday, 30 June 2023.
This deal has set the stage for Fanatics Betting and Gaming to take full advantage of its early achievements and momentum in thein the legal sports betting market in the United States. Fanatics also topped a late rival bid from DraftKings for the same U.S. businesses of PointsBet to ultimately be successful in achieving shareholder approval for the transaction. The acquisition will complete later in the year.
Corporate Advisory partner Peter Cook led the matter from G+T, together with lawyers Mary Brady, Sean Meehan, Rebecca Ryan and Mariam Jaber.
Commenting on the deal, lead partner Peter Cook said “We congratulate our client Fanatics on this milestone acquisition for its gaming and betting business. It was a pleasure to work with them and US counsel navigating the complexities of a cross border acquisition of a main undertaking from an ASX listed company. We look forward to seeing Fanatics gaming business continue to grow”.