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Schoenherr and Karanovic & Partners Advise on Sale of Maxbet to Flutter Entertainment

Schoenherr and Karanovic & Partners Advise on Sale of Maxbet to Flutter Entertainment

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Moravcevic Vojnovic and Partners in cooperation with Schoenherr has advised the shareholders of Maxbet on the sale of a 51% stake in the company to Flutter Entertainment for a cash consideration of EUR 141 million. Karanovic & Partners, working with Arthur Cox, advised Flutter Entertainment.

The transaction remains contingent on regulatory approval.

Maxbet is Serbia’s second-largest omni-channel sports betting and gaming operator.

Flutter Entertainment is a sports betting, gaming, and entertainment company. According to Schoenherr, Flutter also has the opportunity to acquire the remaining 49 % in 2029. “This transaction marks a strategic milestone for both companies. For Maxbet, this partnership represents a significant leap forward, aligning perfectly with their strategy to strengthen their local presence and enforce innovative growth opportunities. It also underscores Flutter's commitment to securing strong positions in regulated markets and replicating past successes in similar ventures with local heroes in Georgia and India.”

Earlier this year, Schoenherr had also advised Maxbet on its acquisition of El Dorado Slot Clubs from Bargame (as reported by CEE Legal Matters on January 9, 2023).

The Schoenherr team included Partners Luka Lopicic, Marija Vlajkovic, and Jelena Arsic, Attorneys at Law Pavle Eric, Zoran Soljaga, and Magdalena Petreska, and Associates Milos Jokic and Andrej Zoric.

The Karanovic & Partners team included Senior Partner Milos Vuckovic, Partners Ivan Nonkovic and Bojana Miljanovic Hussey, Senior Associate Sava Draca, and Junior Associate Ljubica Stojanovic.

Karanovic & Partners at a Glance

Karanovic & Partners is a regional legal practice in Southeast Europe with a tradition spanning over 25 years and cooperating offices in Serbia, Slovenia, Croatia, Bosnia and Herzegovina, Montenegro, North Macedonia, and Albania. With more than 150 attorneys at law working together across the region, we take pride in our work, dedication, and understanding of our clients' industries and needs.

We work with some of the most respected and reputable businesses in the world, banks, as well as governments, state-owned entities, start-ups, and NGOs. We see our clients as long-term partners. We focus on straightforward solutions and tailor-made advice. Lawyers cooperating with us are fully immersed in our clients’ culture and industry to ensure that the work is delivered intelligently and reliably.

In our company culture, excellence is a must. We are reliable, adaptive, and fast. We operate under the “one team” principle, combining our regional reach and local know-how to deliver coordinated legal advice necessary for achieving our clients’ goals.

We are ambitious to propose innovative legal solutions and we are at the forefront of legal developments in Southeast Europe, pioneering new areas of the law and paving the way for new practices and regulations.

Firm's website.