Karanovic & Partners, working with Freshfields Bruckhaus Deringer in Brussels, has advised the Ardent Group on the Serbian aspects of its sale of Gaming1 to CVC Capital Partners Fund VIII. Allen & Overy advised CVC on its investment and related financing.
Local advisers to the Ardent Group reportedly included Levine Keszler in France, Brigard Urrutia in Colombia, Lenz & Staehelin in Switzerland, Mamo TCV in Malta, and Morais Leitao in Portugal.
According to Karanovic & Partners, "CVC will bring its expertise to support the group’s growth in becoming a global reference in the regulated online gaming markets thanks to the continued development of their technology and through their unique omnichannel approach."
Part of Ardent Group, Belgium's Gaming1 operates land-based and online games including casino games, sports betting services, and poker. The Ardent Group is a Belgian company developing projects in entertainment, communication, and commercial property.
Established in 1981, CVC is a private equity company with a global network of 24 local offices in Europe, the Americas, and the Asia-Pacific region.
"In a rapidly changing world, the key to success is adapting," Ardent Group CEO Emmanuel Mewissen commented. "By partnering with CVC, we will benefit from their global, sector, and technology expertise, which will support our company to continue on our successful growth path and further build our digital capabilities. We will stay loyal to our values and Belgian roots, as shown by our recent move to our digital hub in the heart of Liege. This desire to anchor ourselves in and to contribute to our country's growth is an integral part of our identity and will continue to guide us daily."
The Karanovic & Partners team was led by Partner Ivan Nonkovic and Senior Associate Sava Draca.
Allen & Overy fielded teams in Belgium and the UK.