Kirkland, Skadden guide lottery biz Allwyn’s $9.3 bln SPAC merger

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Signage is seen outside of the law firm Kirkland & Ellis LLP in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly

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  • Kirkland, Clifford Chance advise Allwyn and its majority owner
  • Skadden advises SPAC backed by ex-Trump advisor Gary Cohn

(Reuters) - Kirkland & Ellis and Clifford Chance are counseling European lottery operator Allwyn Entertainment as it goes public through a merger with a former Trump advisor-backed blank check firm that is represented by Skadden, Arps, Slate, Meagher & Flom.

The companies said on Friday that the deal valuing Allwyn at $9.3 billion, including debt, will result in the Luzern, Switzerland-based company listing on the New York Stock Exchange.

Special purpose acquisition companies raise funds through initial public offerings to merge with privately held companies and take them public.

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The SPAC merging with Allwyn was set up by Gary Cohn, who was economic advisor to former President Donald Trump.

Kirkland said in a statement the team advising Allwyn and its majority owner, KKCG Investment Group, is led by corporate partners Steven Li, Jonathan Davis and Emily Lichtenheld; and capital markets partners Peter Seligson and Tim Volkheimer.

Clifford Chance did not respond to a request for the names of its attorneys working on the transaction.

Clifford Chance previously advised KKCG on its buyout of SAZKA Group AS, according to the firm's website. SAZKA is a subsidiary of since re-named Allwyn.

On the other side of Allwyn’s blank check merger, Skadden mergers and acquisition partners Howard Ellin and June Dipchand; and capital markets partners Gregg Noel and Michelle Gasaway are advising the SPAC, the firm said in a statement.

Noel and Gasaway also advised the SPAC on its September 2020 IPO, according to filings with the U.S. Securities and Exchange Commission. Kirkland’s Seligson was among the attorneys advising the underwriter.

Winston & Strawn is representing the banks that secured investors for a roughly $350 million private investment in public equity, or PIPE, that is part of the SPAC merger.

Read more:

European lottery group Allwyn to list on NYSE with blank check firm Cohn Robbins

Czech investors divide up lottery group Sazka

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Sierra Jackson reports on legal matters in major mergers and acquisitions, including deal work, litigation and regulatory changes.