Olympic Entertainment Group (OEG) announced it’s subsidiary company, Olympic Casino Latvia has successfully completed the acquisition of another Latvian base casino operator SIA Garklns.
The deal to acquire 100% shareholding of SIA Garkalns was finalised after the approval of Latvian Competition Council and the total merger of SIA with it subsidiary company SIA Post-Nevada.
The acquisition was made to increase the Olympic Casino share in Latvian regulated gaming market.
Before it was finally acquired by Olympic Casino Latvian, SIA Garkalns had 20 slot casinos: 10 in Riga and 10 in other regional cities in the country. These casinos has a combine number of 432 slot machines. Adding these to the number of casinos Olympic Casino Latvian has gives 57 with 1500 slot machines and 19 gaming tables.
It was reported that in 2014 Garkalns earned an estimated revenue of €6 million and a staff strength of 245 people. The nominal value of share capital of the gaming company is €1,991,553. During the same year, Olympic Casino, Latvia earned an estimated revenue of €48 million with total staff strength of 679 people.
It is however to note that the parties involved in the transaction are not willing to disclose the price of the deal and 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 OEG group.