OEG increases its holding in Italian company with the addition of ten VLT gaming rooms
Posted on 29.04.2014
Olympic Entertainment Group is increasing to 70% its holding in The Box S.r.l., a company that manages operations in Italy, which in turn is acquiring a 100% holding in Slottery S.r.l., a company that operates ten VLT gaming rooms.
Olympic Entertainment Group AS (OEG) is acquiring a 20% holding in the Italian joint venture The Box S.r.l., increasing its holding to 70%. The value of the acquired part is 40,000 euros. The share capital of The Box S.r.l. amounts to 200,000 euros.
The Box S.r.l., a subsidiary of OEG, is acquiring a 100% holding in the Italian casino operator Slottery S.r.l., which has a share capital of 90,000 euros, in order to expand its business operations on the Italian market.
A 20% holding in the joint venture The Box S.r.l. is being acquired from GHolding S.r.l., a business partner and joint owner of OEG.
A 100% holding in Slottery S.r.l. is being acquired from Play Inn S.r.l., Soggis S.r.l. and Elianpas S.r.l. in the GHolding group of companies. Parties have agreed not to disclose the transaction price. The transaction will have no material impact on OEG’s profit, assets or liabilities.
The newly acquired Slottery S.r.l. operates ten VLT gaming rooms with a total of 254 gaming machines and a total floor area of 2 057 m2 in Milan and its vicinity. Having no prior business operations or liabilities, Slottery S.r.l. is a newly founded company that operates ten casinos and holds the assets required for their operation.
Following the deals, OEG will own 70% and GHolding 30% of The Box S.r.l., respectively, which in turn will own 100% two subsidiaries engaged in casino operations on the Italian market: Slottery S.r.l. and Jackpot Game S.r.l., acquired in October 2012. In total, The Box S.r.l. operates 12 casinos with more than 350 gaming machines on the Italian market through its subsidiaries.
Although for the purposes of the Rules and Regulations of NASDAQ OMX Tallinn Stock Exchange, the transactions are considered to be transactions with related party (GHolding S.r.l. has a qualifying holding in OEG’s subsidiary The Box S.r.l.), they do not constitute material transactions with a related party. The management board and the supervisory board members of OEG are not personally interested in this transaction in any other way. Under the transaction, OEG did not pay GHolding using its shares, and GHolding S.r.l. owns no shares in OEG.