December 27, 2019 (BURNABY, BC and NEW YORK, NY) – Proskauer advised Leisure Acquisition Corporation [NASDAQ: LACQ, LACQU, LACQW], a special purpose acquisition company (SPAC), in entering into a definitive agreement for a business combination whereby Leisure will merge into a wholly owned subsidiary of GTWY Holdings Limited in a transaction with a pro forma enterprise valuation of approximately $1.115 billion.
GTWY Holdings is the holding company for Gateway Casinos & Entertainment Limited, one of the largest and most diversified gaming and entertainment companies in Canada, which is currently majority owned by The Catalyst Group Inc. HG Vora Capital Management, LLC, on behalf of certain of its affiliates, is supporting the transaction through a $30 million equity commitment. HG Vora has committed more than $100 million in total, including previously invested capital.
Proskauer also handled Leisure’s initial public offering, which was completed in December 2017.
The Proskauer team advising Leisure on this deal was led by Jeff Horwitz, a partner and co-head of our Private Equity Real Estate and Hospitality, Gaming & Leisure Groups, and Daniel Ganitsky, a partner in our Mergers & Acquisitions Group. The team also included partners Stuart Rosow and Malcolm Hochenberg (Tax), Daniel Forman (Capital Markets), senior counsel Lily Desmond (Capital Markets) and John Ingrassia (Antitrust), as well as Lara Miller, Neel Sheth, Elena Roeva, Sara Park (M&A/Private Equity Real Estate) and Janicelynn Asamoto and Sean Webb (Tax).