Olympic Entertainment Group AS signed the agreement to acquire 100% shareholding in Lithuanian sports betting operator UAB Orakulas. The purpose of the acquisition is to increase the market share in Lithuania and more rapid penetration to Lithuanian sports betting and newly established online gaming market. On the completion of the transaction OEG will have additional 35 betting shops.
Orakulas has 35 betting shops in Lithuania, twelve of which are located in the country’s capital city Vilnius and twenty three the regional cities. In 2014, company’s revenue was a bit less than EUR 4 million and employed 155 people. The nominal value of the share capital of UAB Orakulas is EUR 1,158,023.52. The parties agreed not to disclose the price of the transaction. The completion of the transaction is dependent on the ordinary conditions, including the approval from the Lithuanian Competition Council.
Before acquiring Orakulas, Olympic Casino had 18 casinos in Lithuania with 556 slot machines and 64 gaming tables. In 2014, the Lithuanian subsidiaries of OEG had revenue of more than EUR 22 million and employed more than 700 people.
The transaction is not considered to be a transaction with related parties (in the meaning of the rules and regulations of NASDAQ OMX Tallinn stock exchange) and it does not have a direct effect on the economic activities of the OEG group. The management board and the supervisory board members of OEG are not personally interested in this transaction in any other way.