Listed Australian leisure and entertainment group Ardent Leisure has sold its US-based Main Event business to Dave & Buster’s Entertainment for approximately $1.1 billion.
Firm: Gilbert + Tobin (Ardent Leisure Group)
Deal: Ardent Leisure Group and its joint venture partner, New York-based RedBird Capital Partners, have agreed to sell its US-based Main Event business to Dave & Buster’s Entertainment for approximately $1.1 billion.
Completion of the transaction remains subject to customary closing conditions, the firm said in a statement, including US antitrust approval and Ardent shareholder approval.
Area: Corporate advisory
Value: $1.1 billion
Key players: The G+T team was led by partner Adam D’Andreti, who was supported by senior lawyer Sean Meehan and graduate lawyer Nick Maunsell.
Deal significance: Speaking about the transaction, Mr D’Andreti said: “Ardent Leisure is a long-standing client of G+T and we are privileged to once again assist them on a significant corporate transaction.
“Given this involved the sale of a wholly US-based business (which happens to be Ardent’s main undertaking) to a US-listed purchaser, complex Australian and US legal and regulatory issues arose. We are proud to have assisted Ardent’s board in navigating these and obtaining the outcome they did.”
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