The watershed transaction represents major progress for the racing and sports industries in NZ
Allens has confirmed its role as legal advisor to TAB NZ on a watershed 25-year strategic partnering arrangement with global sports-betting and gaming company Entain.
The deal is valued at NZ$1.1bn, and represents “a significant step forward for the funding and long-term viability of New Zealand's racing and sports industries”, Allens said.
“By partnering with a key player in the international betting and gaming market, TAB NZ will be able to offer global best practice in both customer experience and responsible gambling and harm minimisation”, co-lead partner Phil O'Sullivan explained.
Under the arrangement, Entain will absorb most of TAB NZ’s operations. Throughout the initial five-year-period of the partnership, TAB NZ will receive over NZ$1bn in funding.
According to Allens co-lead partner Jeremy Low, the arrangement reflects TAB NZ’s commitment to securing its future and that of the industries it serves. The firm’s team also worked together with Barrenjoey on the transaction.
Allens pulled together a strong team of lawyers from its TMT and corporate practices. Supporting O’Sullivan and Low were the following:
TMT
William Coote - managing associate
Alexandra Martin - senior overseas practitioner
Maddison Ryan - associate
Jake Boudsocq - associate
Tayla Price - lawyer
Corporate
James Nguyen - managing associate
Charlie George - associate
Terence Zhou - associate
Ben Fong - lawyer
Chiara Biviano - lawyer
TAB NZ is the only entity in New Zealand with the authority to hold racing and sports betting activities in the country. It serves as New Zealand’s statutory body on racing and sports betting, broadcasting and gaming.
