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(Reuters) – Five firms are prepping Penn National Gaming Incs roughly $2 billion cash-and-stock deal to purchase sports-gambling company Score Media and Gaming Inc.
Wyomissing, Pennsylvania-based Penn National and Torontos theScore announced the deal on Thursday just five months after theScore went public in the United States.
Penn National has turned to repeat adviser Wachtell, Lipton, Rosen & Katz and Blake, Cassels & Graydon.
The Wachtell team guiding the company is led by corporate partners Daniel Neff and Zachary Podolsky. Neff is the co-chairman of the firms executive committee.
Both Neff and Podolsky also advised Penn National on its $2.8 billion acquisition of Pinnacle Entertainment, through which Penn National expanded the number of gaming machines, table games and hotel rooms it operated, according to a 2018 press release.
The duo supported Penn Nationals creation of a gaming-focused real estate investment trust, according to the firms website.
The Blakes team counseling the gaming mogul is headed by firm managing partner Bryson Stokes, and partners Geoffrey Belsher and Shlomi Feiner.
TheScore has tapped corporate partner Adam Givertz of Paul, Weiss, Rifkind, Wharton & Garrison and a McCarthy Tétrault team for guidance on the deal.
Both law firms have counseled the business on other major transactions.
Givertz was part of the team that represented theScore in its $186 million initial public offering earlier this year, according to a firm press release.
McCarthy Tétrault business law partner Robert Hansen also advised the company on that transaction, with Skadden, Arps, Slate, Meagher & Flom and Blake, Cassel & Graydon steering the underwriters, according to regulatory filings.
Other McCarthy Tétrault attorneys led Score Media in the C$167 million (now nearly $133.6 million) sale of its television business to Rogers Media Inc and the spin-out of its digital business into theScore Inc in 2012, according to a firm press release. The firm has also worked on theScore companys recent private placements.
An Osler, Hoskin & Harcourt is serving as the legal adviser to the Levy Family, which will continue to oversee theScore after its sale to Penn National.
The Osler attorneys include national managing partner Douglas Bryce; corporate partners Alex Gorka and Brian Gray; tax partner Dov Begun; and executive compensation co-chair Lynne Lacoursière and counsel Kelly OFerrall.
Penn Nationals financial advisers are Goldman, Sachs & Co LLC and Code Advisors LLC; theScores are Morgan Stanley & Co LLC and Canaccord Genuity; and theScore board of directors independent financial adviser is Greenhill & Co. Canada Ltd.
The deal is expected to close in 2022s first quarter.
Penn Nationals portfolio currently includes roughly 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms spread across 20 states.
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Penn National to buy sports-betting firm Score Media in $2 billion dealread more
