Hengeler Mueller advises PMU on acquisition of majority shareholding in German Tote
28. August 2015
Pari Mutuel Urbain (“PMU”), the leading European horserace betting operator, signed an agreement on the acquisition of the majority shareholding in German Tote Service- und Beteiligungs GmbH (“German Tote“) on 27 August 2015. German Tote, a German betting broker and marketer of horse races, is a wholly-owned subsidiary of BGG Betriebsgesellschaft der Galopp-Rennvereine mbH.
With the acquisition, PMU is continuing its international expansion. In 2013, the betting operator acquired its first subsidiary called Eurotiercé in Belgium. PMU is now active in 44 countries and operates with 72 partners marketing bets on French races. PMU has also been cooperating with German Tote for twelve years.
Hengeler Mueller advised PMU in an integrated team with Best Friends law firm Bredin Prat. The Hengeler Mueller team was led by partner Albrecht Conrad and included partners Thorsten Mäger (Merger Control, Düsseldorf), Martin Klein, Stefanie Beinert (both Tax, Frankfurt), Hendrik Bockenheimer (Labour, Frankfurt) and Vera Jungkind (Public Law, Düsseldorf) as well as counsel Fabian Seip (IP, Berlin) and associates Nadine Hartung, Marvin Vesper-Gräske (both Corporate/M&A, Berlin), Susanne Koch (Public Law, Düsseldorf) and Christoph Wilken (Merger Control, Düsseldorf). The Bredin Prat team included partner José Maria Pérez (Corporate) and associate Adrien Simon (M&A).