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3 October 20223 minute read

DLA Piper advises PlayUp on its de-SPAC business combination with NASDAQ-listed SPAC

Global law firm DLA Piper has advised Playup Limited (PlayUp), an Australian public company and global online betting operator, on its de-SPAC business combination to take PlayUp public on NASDAQ, valuing PlayUp at USD350 million.

PlayUp is a global sports, entertainment and betting operator that develops innovative betting technologies inhouse to power its brands and deliver world class user experiences. IG Acquisition Corp. (IGAC) is a special purpose acquisition company formed and led by Chairman Bradley Tusk, CEO Christian Goode and CFO Edward Farrell, which has identified PlayUp as the company most likely to succeed over the long term in the online betting market.

PlayUp and IGAC have entered into a business combination agreement and a scheme implementation deed, which will result in PlayUp listing on NASDAQ via a newly-formed Irish company. 

We are proud to have supported Daniel Simic (Global CEO) and the PlayUp team on this transformative milestone. We are pleased to have been able to leverage our global platform to seamlessly deliver an excellent outcome.” said Elliott Cheung, Partner, DLA Piper.

We are pleased to work with our global team to help bring PlayUp to the US public markets and support its continued growth”, said Joshua Samek, Partner, DLA Piper, and chair of the firm’s Miami corporate practice.

The multi-jurisdictional and unique nature of the deal involved DLA Piper offices and advisors across Australia, the US, and Ireland, and is another example of the firm’s capability in executing complex market-leading global M&A and capital markets transactions, particularly in the technology sector. 

DLA Piper's global, cross practice team was led in Australia by Elliott Cheung and David Ryan; and in the US by Joshua Samek. The deal team was primarily supported in Australia by Senior Associate Tarrant Sewell and Solicitors Cassian Ho and Kayla Stathis; in the US by Partners Joseph Fore and Drew Valentine and Associates Paul VanMiddlesworth and Danielle Snow; and in Ireland by Legal Director Steven Duggan and Associate Blayre McBride. A cross border tax team also played a key role, led in Australia by Partner Eddie Ahn and Senior Associate Kenny Mui; in the US by Partner Drew Young III and Associate Paul Mosser; and in Ireland by Declan Lavelle. 

This deal comes on the back of DLA Piper recently advising Lionheart III Corp on its USD360 million de-SPAC transaction with ASX-listed target Security Matters Limited, the first de-SPAC transaction involving an ASX-listed target. 

In addition, it follows DLA Piper’s track record of advising clients on complex cross-border public market transactions, including Nearmap Ltd on its AUD1.05 billion acquisition by US private equity firm Thoma Bravo, South Korean POSCO International (PIC) with its proposed AUD860 million acquisition of a public Australian gas producer Senex Energy, Life360 on its acquisition of Tile and related AUD280 million capital raising, US-based Ares on its AUD428 million sale of the AMP PrivateMarketsCo Infrastructure Investment Management Platform, ASX-listed US fintech company Credible Labs on its AUD585 million proposed merger with NASDAQ listed Fox Corporation, and UK-based Nordgold on its takeover bid for ASX/TSX dual-listed Cardinal Resources Limited operating in Ghana. 

With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex cross-border transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 12 consecutive years, according to Mergermarket. The firm advises on all elements of complex SPAC and other public M&A transactions, including M&A, tax and securities. DLA Piper has advised on more than 50 SPAC transactions, with an aggregate value of over USD100 billion, in the past three years.