K&L Gates Advises ZEAL Network on Acquisition of SevenCanyon

Global law firm K&L Gates advised ZEAL Network SE on its acquisition of UK-based SevenCanyon Limited, including the related acquisition financing. By acquiring the remaining 96.5% of SevenCanyon, in which ZEAL already held a 3.5% stake, the listed German market leader for online lotteries gains direct access to the UK market, Europe's largest digital prize competition market.

SevenCanyon operates several established British prize competition platforms, including 7days Performance, Redline Competitions, and UK Carp Competitions. In its last fiscal year, SevenCanyon generated operating earnings (EBITDA) of more than GBP 10 million.

K&L Gates advised on all aspects of the transaction with integrated teams in London and Frankfurt, including on a EUR 40 million acquisition financing provided by Deutsche Bank.

The transaction was jointly led by Frankfurt partner Boris Kläsener and London partner John Elgar. They were supported by London partners Richard Dollimore, Giles Bavister and Richard Hardwick, Frankfurt partner Dr. Matthias Grund, Frankfurt senior associate Marlena Bitner, London senior associate Emma Cooper, London associates Eklavya Sharma, Courtney Hunter, Amelia MacHugh and Ayesha Gill, as well as trainee solicitor Alice MacHenry. Lawyers from the firm's Dubai and Melbourne offices also advised on the transaction.