18 May 20232 minute read

DLA Piper advises games developer on A$251m buy back and US$150m credit facility

Global law firm DLA Piper has advised global technology company Virtual Gaming Worlds on its successful $251m off-market share buy back and associated credit facility of US$150 million to partially fund the buy-back. 

“VGW is a dynamic Australian company that has gone global. We were delighted to assist them on this significant transaction, which afforded shareholders of an unlisted company the opportunity to monetise their interests at a significant premium to PrimaryMarkets trading,” said Matthew Watkins, Corporate Partner, DLA Piper.

“The buy-back was partially funded by a US$150 million credit facility arranged via a US lending syndicate. Our Perth and New York banking and finance teams worked seamlessly in securing this facility for the buy-back, showcasing our international reach and capability on complex cross-border transactions,” Matthew said.

DLA Piper's multi-jurisdictional team was led by Matthew Watkins (Partner, Perth) who was assisted by Kirsty Hall (Senior Associate) and Luke Kavenagh (Solicitor).  Owen Alcorn (Partner, Perth) and Shmuel Klahr (Partner, New York) advised on the associated credit facility, with support from Scott Luftig (Associate), Sharon Carey (Senior Associate), Madina Eira (Solicitor) and Jason Duryea.

For the 13th consecutive year, DLA Piper was the highest-ranked legal advisor in the world for M&A deal volume, according to Mergermarket's league tables. The firm was involved in 1,131 transactions worldwide in 2022.