NDS, provider of technology solutions for digital pay-TV, has signed an agreement pursuant to which funds managed by Vitruvian Partners will back a management buyout of OpenBet, an NDS subsidiary and provider of online gaming and betting technology and software solutions.
Vitruvian and management will acquire OpenBet for a cash consideration of £208 million (€248m). 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. David Loveday, Chief Executive Officer of OpenBet, and the existing senior management team will continue in their roles.