OEG has completed the acquisition of Lithuanian sports-betting operator UAB Orakulas
Posted on 22. December 2015
After receiving an approval from the Lithuanian Competition Council, OEG has completed the acquisition of 100% shareholding in Lithuanian sports-betting operator UAB Orakulas. The acquisition has increased the market share of OEG in Lithuanian gambling sector and facilitates for more rapid penetration to Lithuanian sports-betting and newly established online gaming market. As a result of the completion of the transaction OEG now owns 18 casinos and 35 betting shops in Lithuania.
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.
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.