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Novalpina to acquire Estonia’s Olympic Entertainment Group

20 Mar 2018

Olympic Entertainment GroupOlympic Entertainment Group (OEG) is the most popular bookmaker for both casino and sports in Estonia, Latvia and Lithuania, while also being active in Slovakia, Malta and Italy. OEG currently has under its umbrella 115 Olympic Casino properties and 27 OlyBet betting shops with a workforce for both land-based and digital properties that approximates 3,000 employees.

Novalpina Capital, the private equity firm located in Luxembourg, expressed interest in acquiring the well-known Estonian operator through an open proposal and the corresponding bid. Specifically, Novalpina subsidiary Odyssey Europe AS approached OEG with an offer that amounts to €1.90 per share, leading to a final buyout proposal at approximately €288 million. The offer was well-received and accepted by the 2 main shareholder companies, namely Armin Karu Hansa Assets and Jaan Korpusov’s Hendaya Investments.

OEG's gross revenue in the year 2017 was €215.1 million with its EBITDA for the whole year amounting to €47 million.

Novalpina is a specialist private equity firm that pursues investments mainly in Eastern European markets. Stephen Peel, Stefan Kowski and Bastian Lueken are the founding partners as well as the executive team.

About Olympic Entertainment Group

OEG is one of the leading force in the gambling industry in the Balkans, comprised of several subsidiaries that direct the group's local properties in their various operating markets. With the vision of becoming a casino of international magnitude, OEG is actively preoccupied in matters of corporate social responsibility in all of its target markets, being a major advocate of responsible gaming, employee wellness and business transparency. The Group is 100% compliant with all the latest measures against money-laundering and a big supporter of charity programmes as well as athletic and cultural causes.

 

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