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Novalpina Capital announces its intention to make a voluntary cash offer to acquire 100 per cent of the shares of Olympic Entertainment Group AS (TAL: OEG1T)

Posted on 19. March 2018

 Odyssey Europe AS (“OE AS”), a company owned by funds advised by private equity firm Novalpina Capital, announces its intention to make a voluntary takeover offer (“VTO”) to acquire 100 per cent of the outstanding shares of Olympic Entertainment Group AS (“OEG”) at a price of €1.90 in cash per share
 The two largest shareholders of OEG, jointly representing 64 per cent of the shares, have agreed with Odyssey Europe AS to tender their shares in the VTO
 Offer period is expected to start on 4 April 2018 and end on 2 May 2018
London/Tallinn, 19 March 2018 – Odyssey Europe AS intends to make a voluntary takeover offer for all outstanding shares of Olympic Entertainment Group, the Tallinn-headquartered land-based and online casino and betting operator listed on the Nasdaq Tallinn Stock Exchange. The offer will be for €1.90 in cash per OEG share. This cash offer is expected to be published on 4 April 2018 and values OEG at some €288 million. OE AS is a fully owned subsidiary of funds advised by Novalpina Capital, a European private equity firm.
The two founders and major shareholders of OEG, Armin Karu and Jaan Korpusov, have signed binding agreements with OE AS whereby they have irrevocably committed to tender their aggregate shares, representing 64 per cent of the total OEG shares outstanding, in the voluntary takeover offer.
OE AS has entered into a Business Combination Agreement with OEG agreeing to delist OEG from Nasdaq Tallinn Stock Exchange following the Offer, subject to a shareholder resolution passed with a simple majority of the votes at an OEG General Meeting. OE AS subsequently intends to merge both companies subject to a shareholder resolution passed by at least two thirds of the votes at an OEG General Meeting.
Novalpina Capital is a European private equity firm that focuses on making control equity investments in middle market companies operating throughout Europe. The firm was established in 2017 by three former senior executives of the European operations of leading global private equity investment firms.
Armin Karu, Founder and Chairman of the Supervisory Board of OEG, said: “Starting from a small operation in Estonia 25 years ago I am proud to have built OEG into a formidable business with best-in-class operations and strong positions across six EU markets. The Novalpina Capital team has significant experience in investing in companies and helping them expand both geographically and digitally. We are impressed by their vision for the business and I am convinced they are the right shareholder to take OEG forward. As the largest shareholder, I consider the price to be fair and I recommend other shareholders to take up the offer.”