Investment vehicle SpringOwl Gibraltar Partners has agreed a deal to acquire 6.1% of bwin.party and secured the right to appoint one director to the board of the online gambling giant.
SpringOwl will acquire the stake from asset management companies Emerald Bay and Stinson Ridge, with the deal expected to be completed within two weeks.
Following the transaction, SpringOwl may sell shares representing approximately 1% of the issued share capital of the company.
SpringOwl is managed by Cumberland Associates, a registered investment adviser for a number of fund vehicles.
source : www.igamingbusiness.com
