Vitruvian and management will acquire OpenBet for a cash consideration of £208 million. NDS will use the proceeds for general corporate purposes.
The completion of the transaction is conditional upon the receipt of certain regulatory approvals. At completion, Vitruvian will assume a majority holding in OpenBet with the remaining stake held by OpenBet Management. David Loveday, Chief Executive Officer of OpenBet, and the existing senior management team will continue in their roles.
Commenting on the transaction, Abe Peled, Chairman and CEO of NDS said: "We have taken great pride in supporting the continued growth of OpenBet and its transformation into a leading provider of technology solutions to the gaming industry. The sale of OpenBet will help accelerate that growth in a consolidating market and allow NDS to focus further on continued growth in our core market - the digital pay-TV technology sector".
David Loveday, CEO of OpenBet added; "Vitruvian have a deep understanding of our business in both the online gaming and retail sectors. Their backing will enable OpenBet to continue to grow its business worldwide, with both existing customers and future opportunities." He added; "As the leader in its field, the support and technical expertise of NDS has been invaluable to the success of OpenBet. This transaction will help ensure that OpenBet remains at the forefront of online and retail technology for the gaming industry both in terms of the solutions it offers and services."
Ian Riley, a Managing Partner of Vitruvian, commented; "OpenBet is a high-growth technology business with a strong reputation, proven track record and impressive client portfolio. We are delighted to be backing David and his team and to be able to help support the continued development of the business."
NDS received legal advice from Allen & Overy LLP in connection with this transaction.