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Betting operator advised on de-SPAC business combination
PlayUp Limited advised on its de-SPAC business combination with a Nasdaq-listed special purchase acquisition company (SPAC).
Jess Feyder
Firm: DLA Piper (PlayUp)
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Deal: PlayUp, an Australian public company and global online betting operator, was advised on its de-SPAC business combination to take PlayUp public on Nasdaq, valuing PlayUp at US$350 million.
Value: PlayUp was valued at US$350 million.
Area: Technology
Key players: DLA Piper’s global, cross-practice team was led in Australia by Elliott Cheung and David Ryan; and in the US by Joshua Samek.
The deal team was primarily supported in Australia by senior associate Tarrant Sewell and solicitors Cassian Ho and Kayla Stathis; in the US by partners Joseph Fore and Drew Valentine and associates Paul VanMiddlesworth and Danielle Snow; and in Ireland by legal director Steven Duggan and associate Blayre McBride.
A cross-border tax team also played a key role, led in Australia by partner Eddie Ahn and senior associate Kenny Mui; in the US by partner Drew Young III and associate Paul Mosser; and in Ireland by Declan Lavelle.
Deal significance: IG Acquisition Corp (IGAC) — a special purpose acquisition company formed and led by chairman Bradley Tusk, chief executive Christian Goode, and chief financial officer Edward Farrell — identified PlayUp as the company most likely to succeed over the long term in the online betting market.
PlayUp is a global sports, entertainment and betting operator that develops innovative betting technologies in-house to power its brands and deliver world-class user experiences.
PlayUp and IGAC have entered into a business combination agreement and a scheme implementation deed, which will result in PlayUp listing on Nasdaq via a newly formed Irish company.
“We are proud to have supported Daniel Simic (Global CEO) and the PlayUp team on this transformative milestone,” said Elliott Cheung, partner at DLA Piper.
“We are pleased to have been able to leverage our global platform to seamlessly deliver an excellent outcome.”
Joshua Samek, partner at DLA Piper and chair of the firm’s Miami corporate practice, said: “We are pleased to work with our global team to help bring PlayUp to the US public markets and support its continued growth.”
