Share offer period through May 2
Olympic Entertainment Group is set to be taken over by Odyssey Europe AS after controlling stakeholders voted in favor of a takeover bid. The transaction is valued at nearly €288 million (US$353 million). Odyssey will acquire 100 percent of Olympic shares at €1.90 (US$2.33) per share.
Odyssey Europe AS is owned by UK private equity firm Novalpina Capital. The takeover offer was accepted after OEG’s largest shareholders, Armin Karu and Jaan Korpusov, who own a collective 64 percent of the company, voted for the deal. The share offer period started April 4 and will finish on May 2.
“I recommend other shareholders to take up the offer,” said Karu, founder and chairman at OEG. He called the price “fair,” and added that Novalpina Capital has “significant experience in investing in companies and helping them expand both geographically and digitally.”
Odyssey will assume control of OEG’s mix of land-based and online casinos, based in six European markets. The business reported total revenue of €215 million in 2017, up 5 percent from 2016, earnings declined 12 percent to €47.3 million and net profit jumped 2.7 percent to €30.6 million.
