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Nabarro advises on £118.5 million fundraising for Sportingbet acquisition

31 May 2011

Nabarro has advised long-standing client Sportingbet plc on a £118.5 million equity and convertible bond issue for the acquisition of Australian betting operator Centrebet.

The purchase of Centrebet will give Sportingbet around a third of the important, regulated online betting market in Australia. The deal will be effected by way of two schemes of arrangement under Australian law and will be made by Sportingbet Australia, a wholly-owned subsidiary of Sportingbet.

Graham Stedman, the Nabarro corporate partner who led the deal, handled the equity placement with senior associates James Archibald and Nicole Tumiati, while fellow corporate partner Russell Holden worked on the convertible bond issue with associate Philippa Chatterton.

Graham Stedman said:

"Nabarro has advised Sportingbet since 2006 supporting the company from AIM-listing through to a placement on the Main Market of the London Stock Exchange. I'm delighted the breadth of experience of our corporate team and expertise in acting for fast growth businesses means we continue to work closely with Sportingbet as it expands internationally in strategic markets."

Andrew McIver, Chief Executive Officer of Sportingbet said:

"This acquisition is a major step forward for Sportingbet as it accelerates the Group's strategy of increasing its exposure to regulated markets and of geographic diversification. We will become the leading corporate bookmaker in the fast growing Australian market and look forward to other key markets regulating in the near future."

Addisons acted for Sportingbet in Australia. Clifford Chance (Australia and London) acted for Centrebet. Herbert Smith acted for Oriel and Dorsey & Whitney acted for ISM (the manager on the bond issue).

For further information, please contact:

Alex Bellinger
PR & E-Communications Manager
a.bellinger@nabarro.com
T +44 (0)20 7524 6391