Betsson AB (OM:BETS B) entered into an agreement to acquire NetPlay TV plc (AIM:NPT) from Charles Butler, Akshay Kumar, Andrew Lapping, Bjarke Larsen, Graham Stevens, Direct Force Trading Limited, Henderson Global Investors (Holdings) Limited and other shareholders for £26.4 million on February 1, 2017. Betsson made a cash offer for £0.09 per share for 293.68 million fully diluted ordinary shares. The offer is to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act. The cash consideration will be funded through sources of funding available to Betsson, including internally generated funds. Post-transaction, NetPlay will be delisted and will operate as a subsidiary of Betsson as a provate company. Upon the closing of the transaction, the board of NetPlay will comprise Directors of Betsson. The NetPlay Directors have undertaken to resign from the NetPlay Board upon the scheme becoming effective. Bjarke Larsen and Akshay Kumar, the executive NetPlay Directors, have also undertaken to resign as employees of NetPlay on the dates falling one month and six months, respectively, from the scheme becoming effective. The existing contractual and statutory employment rights of all NetPlay employees will be fully safeguarded. Betsson intends to maintain the location of the NetPlay Group’s operations in London and Israel and intends to consolidate NetPlay’s existing operations away from its Lancaster base. The transaction is subject to approval by a majority in number of NetPlay shareholders and approval by court to be held on March 23, 217 and certain other conditions. NetPlay Directors intend to unanimously recommend that NetPlay shareholders vote in favor of the offer at the court meeting. As on February 1, 2017, Henderson Global Investors (Holdings) Limited submitted its letter of intent to accept the offer made by Betsson and vote in favor of the traqnsaction. As on March 1, 2017, Betsson received irrevocable undertakings from 39.25% NetPlay shareholders to vote in favor of the transaction at the meeting and the board of NetPlay unanimously recommended shareholders to vote in favor. As on March 23, 2017, the transaction was approved by NetPlay shareholders. It is expected that the scheme will become effective on March 31, 2017. As on March 29, 2017 the court has approved the transaction. The offer is expected to become effective on March 31, 2017. The transaction is expected to generate cost-saving synergies. Laurence Van Lancker, Joe hannon, Gareth Hughes of Credit Suisse International acted as a financial advisor to Betsson. Stuart Faulkner, Matthew Chandler and Ritchie Balmer of Strand Hanson Limited; Stephane Auton and Edward Mansfield of Shore Capital and Corporate Limited, Daniel Burns and Sandford Loudon of Oakvale Capital LLP acted as financial advisors to NetPlay. Bird & Bird LLP provided intermediary legal services in the tender offer. In connection with the offer, accounting and tax fee of approximately £0.15 million, legal advisory fee of approximately £0.4 million, financial and corporate broking fee of approximately £0.78 million and other professional services fee of approximately £0.02 million will be paid. Bjarke Larsen and Akshay Kumar from Redleaf Communications served as the public relations contact on the deal for NetPlay.