Pinnacle Sports sold to undisclosed buyer
Pinnacle Sports shareholders have been informed that a controlling stake in the online gaming operator has been acquired by an undisclosed investor.
Overseen by Las Vegas-based Alternative Trading Partners (ATP), further details of the acquisition have not been disclosed, although it has been confirmed that the investor was advised by London law firm Mayer Brown.
The ATP team was led by managing partners Thomas Brunet and Kyle Carlston, assisted by London law firm Nabarro.
“The sports betting industry is maturing and moving towards the direction of modern financial markets,” Brunet and Carlston said.
“Pinnacle Sports has always been, and still remains to this day, at the forefront of this evolution.
“Offering the tightest lines with the highest limits, Pinnacle Sports is one of the most respected bookmakers with its ever-evolving proprietary trading system at its core.
“It took a buyer with a similar forward looking vision and financial background to bring this transaction to a successful conclusion.”
The acquisition comes after Pinnacle Sports last year announced it would be withdrawing from the UK market ahead of the implementation of the new Gambling (Licensing and Advertising) Act.
Related article: Pinnacle Sports to withdraw from UK market