04 October 2019

Carey Olsen acts for Stride Gaming plc in £115 million takeover by scheme of arrangement

Lawyers from Carey Olsen's corporate team have acted as Jersey, Guernsey and British Virgin Islands (BVI) counsel for Stride Gaming plc on its £115 million takeover by Rank Group plc.

The takeover, conducted by way of a Jersey law scheme of arrangement, bolsters Rank Group plc's online gaming business with Stride's expertise in the digital gaming sector and creates one of the UK's leading online gaming businesses.

The Carey Olsen team was led in Jersey by partner Guy Coltman, with partner Andreas Kistler leading on elements of the transaction involving the Jersey Royal Court. Other members of the team included senior associate David Taylor and associates Luke Steele and Dean Robson. Guernsey partner Tom Carey and associate Kristina Mikhaylova advised on the regulatory aspects of the gaming licence, while London partner Jasmine Amaria advised Stride Gaming on the BVI aspects of the transaction. Carey Olsen worked alongside Pinsent Masons LLP, who acted as onshore counsel for Stride.

The transaction follows Carey Olsen's role as Jersey counsel in two further schemes of arrangement in recent months. In August 2019, Carey Olsen acted for the private equity firm Charterhouse Capital Partners LLP in its £561 million takeover of Tarsus Group plc, a London-listed business media and events group with significant international presence. In the same month, Carey Olsen acted for Target Healthcare REIT in its internal restructuring, involving the introduction of a new UK parent company to the Target Healthcare REIT group. Guy Coltman was lead partner on both schemes, assisted by counsel David Allen, with Andreas Kistler again leading on the Royal Court applications.

Guy said: "It was great to work on all three transactions and to continue to support long-standing clients as well as new clients looking for strong Jersey support. The team from across the firm worked well together and all three matters proceeded smoothly to meet the clients' expectations."