Novalpina Capital prepares acquisition offer for OEG

19 March 2018

Private equity firm Novalpina Capital has revealed plans to make a voluntary takeover offer for all the outstanding shares of Olympic Entertainment Group (OEG).

Novalpina said it will make an offer of €1.90 ($2.33) per share, valuing online casino and betting operator OEG at some €288m.

The proposal, which Novalpina plans to make via its Odyssey Europe AS (OE AS) subsidiary, is due to be published on April 4.

Armin Karu and Jaan Korpusov, the founders and major shareholders of OEG, have both signed binding agreements with OE AS, committing to tender their aggregate shares, representing 64% of total OEG shares.

OE AS has also entered into a business combination agreement with OEG, which will see OEG delist from the Nasdaq Tallinn Stock Exchange following the offer, subject to a shareholder vote.

Should the deal go through, and subject to a shareholder vote that requires a two-thirds majority, OE AS intends to merge both companies to create a larger operation.

“OEG is a leading company in the entertainment-led casino sector across six Eurozone markets with strong operating and compliance practices,” Novalpina founding partner Stefan Kowski said.

“We have been impressed with the business that Armin has built and are excited to provide strategic input and capital to support the company, its management, employees and customers in the next phase of growth.”

Karu, who serves as chairman of the supervisory board at OEG, added: “The Novalpina Capital team has significant experience in investing in companies and helping them expand both geographically and digitally.

“We are impressed by their vision for the business and I am convinced they are the right shareholder to take OEG forward.

“As the largest shareholder, I consider the price to be fair and I recommend other shareholders to take up the offer.”

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