Provider of technology solutions for digital pay-TV NDS has signed an agreement pursuant to which funds managed by Vitruvian Partners will back a management buyout of OpenBet.
Vitruvian and management will acquire OpenBet for a cash consideration of £208m. NDS will use the proceeds for general corporate purposes.
The completion of the transaction is conditional upon the receipt of certain regulatory approvals. At completion, Vitruvian will assume a majority holding in OpenBet with the remaining stake held by OpenBet Management. OpenBet CEO David Loveday and the existing senior management team will continue in their roles.
Loveday commented: "Vitruvian have a deep understanding of our business in both the online gaming and retail sectors. Their backing will enable OpenBet to continue to grow its business worldwide, with both existing customers and future opportunities."
Abe Peled, chairman and CEO of NDS, added: "The sale of OpenBet will help accelerate that growth in a consolidating market and allow NDS to focus further on continued growth in our core market - the digital pay-TV technology sector".
