Olympic Entertainment majority shareholders accept Novalpina’s €288 million buyout offer

Luxembourg-based private equity firm Novalpina Capital has put forward a bid to acquire Tallinn (Estonia) listed gambling firm Olympic Entertainment Group (OEG) outright.

Issuing a market update, Novalpina details that it has placed a €1.90 per share offer for OEG’s enterprise through its investment vehicle Odyssey Europe AS.

Offering a 3.3% premium on OEG’s ‘average exchange price’ for the past six months of trading, Novalpina and Odyssey value OEG enterprise at approximately €288 million.  

OEG’s two biggest shareholders, Armin Karu Hansa Assets (45%) and Jaan Korpusov’s Hendaya Investments (18.9%) have both confirmed that they will accept Novalpina’s offer.

Led by the executive team of Stephen Peel, Stefan Kowski and Bastian Lueken (Founding Partners), Novalpina is a specialist private equity firm, focused on Eastern European investment and enterprise.

OEG is the leading casino and betting operator within the markets’ of Estonia, Latvia and Lithuania, the operator has further gambling presence in Slovakia, Malta and Italy.

At present, OEG operates 115 Olympic Casino properties with a further 27 OlyBet betting shops. Its land-based and digital workforce amounts to 3,000 employees in six countries.

For 2017 OEG’s consolidated total revenue before gaming taxes amounted to €215.1 million, with the company reporting a full-year EBITDA of €47 million.