Buchanan is pleased to announce that it has advised the founding shareholders of Australia’s leading online racing news platform, Racenet, on their successful sale to a wholly owned subsidiary of ASX listed News Corp Ltd (ASX:NWS). The transaction, which was subject to ACCC clearance, completed on 30 November, 2018.
Racenet, founded by Glenn Robbins and Craig Tompson, has been an Australian pioneer in the online space for approximately 20 years. During this time it has become the trusted and independent voice in the thoroughbred racing industry.
News Corp’s acquisition of Racenet builds on its existing investment strategy into Australian racing content and follows its recent acquisition of punters.com.au.
Buchanan’s team was led by Director, Scott Buchanan and Senior Lawyer, Aimee Pomogacs. News Corp Ltd was represented by Allens.
Scott Buchanan stated: “We were delighted to have acted for the Racenet shareholders in the successful execution of their exit strategy. By leveraging our expertise in commercial and intellectual property law we continue to punch above our weight in supporting complex transactions in lower-middle market M&A.”
Racenet’s CEO, Damon Robbins, stated: “The Buchanan team has been a great fit for our business. Buchanan has cemented its place as Racenet’s trusted advisors and assuredly guided the business and its founding shareholders in the execution of our most important transaction, the sale of Racenet to one of the world’s largest international media organisations.”