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The Estonian casino operator Odyseey Europe, which is part of the Novalpina group, announced that it buys the gaming operator Olympic Entertainment Group (OEG).
Odyssey plans to acquire 100 percent of the shares at a price of 1.90 euros per share. The deal will amount to about 288 million euros. Odyssey Europe AS is owned by funds advised by UK private equity firm Novalpina Capital and its offer was accepted after OEG’s largest shareholders, Armin Karu and Jaan Korpusov (who own 64 per cent of the company’s titles together), voted in favour of the operation. The share offer period will start on April 4th and finish on May 2nd.
OEG, which operates a mix of land-based and online gambling in six European markets, reported total revenue of €215m in 2017, up 5% from 2016’s total. Earnings declined 12% to €47.3m while net profit inched up 2.7% to €30.6m.
