March 19, 2018 / 12:08 PM / 10 months ago

Novalpina Capital subsidiary to bid for Estonia's Olympic Entertainment

STOCKHOLM, March 19 (Reuters) - European private equity firm Novalpina Capital said on Monday it planned to make a cash bid for Estonia-based casino and betting operator Olympic Entertainment Group (OEG) in a deal valuing the company at around 288 million euros.

The bid will be made through Novalpina subsidiary Odyssey Europe and is expected to be published on April 4, Novalpina said in a statement.

The two largest owners of OEG, founders Armin Karu and Jaan Korpusov, who hold 64 percent of shares, had agreed to tender their shares, Novalpina said.

Oddysey Europe has also entered into a business combination agreement under which OEG would delist from the Nasdaq Tallinn Stock Exchange following the offer, subject to a shareholder vote at an OEG General Meeting.

Olympic Entertainment shares were down 0.3 percent at 1.90 euros by 1132 GMT, in line with the bid level. (Reporting by Johannes Hellstrom; editing by Niklas Pollard)

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