In a positively Grecian twist, Odyssey Europe AS is set to take over Olympic Entertainment Group (OEG) following a positive vote in favour of the deal from the two largest shareholders, Armin Karu’s Hansa Assets and Jaan Korpusov’s Hendaya Investments.Between them, the two businesses own almost two thirds (64%) of OEG shares, and they have agreed to tender their shares under the voluntary takeover offer. Provided no issues emerge, the purchase of OEG looks set to go ahead at an agreed rate of €1.90 per share.
Odyssey Europe is owned by funds invested according to UK private equity outfit Novalpina. The offer is for 100% of company share and comes to around €288 million.
OEG is based out of Tallinn, Estonia and is listed on the Nasdaq Stock Exchange. It is the leading provider of gaming solutions across the Baltic States of Estonia, Latvia, and Lithuania, and runs land based casino gaming in Slovakia, Italy, and Malta. Overall, the company owns 177 casinos, including 115 Olympic Casino properties, as well as numerous OlyBet betting points.
OEG founder and Chairman of the Supervisory Board Armin Karu said, in a press statement concerning the planned merger, “Starting from a small operation in Estonia 25 years ago, I am proud to have built OEG into a formidable business with best-in-class operations and strong positions across six EU markets.”
“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 that other shareholders take up the offer.”.
Mr Karu is a major figure in the Baltics and was recently named a Culture Friend of the Year by the Ministry of Culture in Estonia. The award is designed to provide recognition for notable activities or initiatives that have had significant cultural contribution and was given in appreciation for Mr Karu’s support and funding of the film industry. It is, certainly, excellent to see a major figure in the gambling industry recognized for prominence across more mainstream artistic and cultural fields.
Novalpina Capital LLP is a private equity firm based out of London, UK, and was founded in 2016. Its founder, Stephen Peel, once served as European Executive Director for Goldman Sachs. They are well known for their focus on mid market deals in Europe. The purchase of OEG looks set to go ahead, all being well, at an agreed rate of €1.90 per share.
