Lance East Office (via Ocean BidCo Limited) → VGW Holdings Limited
completedLance East Office (LEO), the family office of VGW founder and CEO Laurence Escalante (who already held approximately 70% of the online social/sweepstakes gaming company), entered a Scheme Implementation Deed via special-purpose vehicle Ocean BidCo Limited to acquire the remaining approximately 30% of VGW it did not already own, taking the company fully private.
Escalante sought full ownership and control of VGW (operator of Chumba Casino, Global Poker and LuckyLand Slots) to remove public/minority-shareholder reporting obligations and have complete strategic flexibility amid a period of regulatory pressure on US sweepstakes gaming and softer near-term earnings, without the constraints of managing a dispersed shareholder register.
Minority shareholders were offered a liquidity event and cash exit (or scrip election) at a premium to prior trading levels, following a negotiation in which LEO raised its offer from an initial proposal to A$5.05 per share after push-back from the independent board committee, which judged the improved price fair given near-term earnings headwinds facing the business.
Not applicable in the traditional sense — VGW was not listed on a public exchange (it traded shares among a private register); no public share-price reaction data is available.
Industry press (SBC Americas, iGaming Expert) framed the deal as the culmination of a negotiation in which the independent board pushed for — and secured — a higher price than LEO's initial approach, and noted the transaction closed against a backdrop of regulatory scrutiny of sweepstakes-style gaming in several US states.
Deal mechanics
Scheme of arrangement via Ocean BidCo Limited, an unlisted special-purpose vehicle established by Lance East Office. Total consideration of A$5.05 per VGW share (less dividends paid), with shareholders permitted to elect cash (A$4.60/share post-dividend adjustment) or scrip (rollover shares in Ocean BidCo).
Reported at approximately 3.0x VGW's EBITDA based on the agreed Total Transaction Value.
Implemented via scheme of arrangement requiring VGW shareholder approval (obtained August 2025) and Federal Court approval; no Australian foreign-investment or competition-regulator hurdles were reported as the buyer was already the controlling shareholder.
Comparable deals in Gaming
Learn more
- VGW Enters Into Scheme Implementation Deed With Lance East Office
- LEO enters Scheme Implementation Deed with VGW to provide a liquidity opportunity for minority shareholders
- VGW Shareholders Approve Acquisition of VGW by Lance East Office
- VGW Founder Seeks Full Control of Sweeps Giant Valued at $2B - SBC Americas
- Implementation of Scheme - Lance East Office