Schoenherr has advised Novomatic AG on the sale of a 76.81% stake in I-NEW Unified Mobile Solutions AG to Cyan AG.
The total volume of the transaction is EUR 17.1 million, of which EUR 13.6 million was paid for the acquired shares and taking over existing bank financing lines. EUR 3.5 million will be paid via an earn-out model depending on the earnings of I-NEW in 2019, 2020, and 2021. A binding purchase agreement was concluded on July 10, 2018, which has already been approved by the Supervisory Board of Cyan. The closing of the transaction will take place on July 30, 2018.
Austria-based Novomatic is a gaming technology company with a presence in 50 countries. The company exports gaming equipment, system solutions, lottery system solutions, and services to more than 75 countries.
I-NEW Unified Mobile Solutions is a local telecommunications software and hardware firm with around 40 Mobile Virtual Network Operators as clients.
Cyan is a German provider of innovative white-labelled IT security solutions for end customers of telecommunications providers, banks, and insurance companies, as well as gaming and cryptocurrency platforms.
The Schoenherr team was led by Counsel Maximilian Lang, supported by Associates Sascha Smets and Teresa Waidmann.
Schoenherr did not reply to an inquiry about counsel for the buyers.