Sydney, 19 April 2012: Clayton Utz has advised the Tasmanian Government on the sale of TOTE Tasmania, the state-owned totalisator wagering operator, which successfully completed on 26 March.
The competitive sale process commenced in mid 2011 and involved a number of complex issues and unique challenges. The Government sold TOTE Tasmania Ltd to TattsBet Ltd for total upfront proceeds of approximately $118.4 million plus an entitlement to certain potential future GST benefits of up to $43.6 million.
Clayton Utz Corporate partner Tony Rein led the team that advised Tasmanian Government which included senior associate Joel Von Thien, and lawyers Steve Mackay and NikiDeMel.
"The sale represents the most significant transaction in the Australian gaming & wagering industry to date in 2012. We are proud to have helped the Tasmanian Government achieve this successful outcome," said Tony.