OEG acquires Estonian casino operator AS MC Kasiinod and its subsidiary OÜ Oma & Hea
Posted on 01.12.2015
OEG group company Olympic Casino Eesti AS signed the agreement to acquire 100% shareholding in Estonian casino operator AS MC Kasiinod, which is also the 100% owner of the subsidiary OÜ Oma & Hea, which is providing casino bar services. The purpose of the acquisition is to increase the market share in Estonia. On the completion of the transaction OEG will own 24 casinos in Estonia.
MC Kasiinod has 4 slot casinos in Estonia and has a total of 160 slot machines. In 2014, companies’ revenue was EUR 3 million and employed 65 people. The nominal value of the share capital of AS MC Kasiinod is EUR 1,008,000. 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 Estonian Competition Authority. The casinos to be acquired will be brought into compliance with the quality standards of OEG within one year, after which they will be rebranded as Olympic Casino.
Before acquiring MC Kasiinod and its subsidiary Oma & Hea, Olympic Casino had 20 casinos in Estonia with 817 slot machines and 20 gaming tables. In 2014, the Estonian casino entity of OEG had revenue of approximately EUR 32 million and employed 446 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.