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BRIEF-Fortuna buying majority shareholder's Romanian companies
March 15, 2017 / 6:55 AM / 6 months ago

BRIEF-Fortuna buying majority shareholder's Romanian companies

March 15 (Reuters) - Fortuna Entertainment Group Nv

* says in process of acquiring Penta’s Romanian betting & gaming companies and further strengthens its position in Romania

* says intends to acquire Romanian companies Bet Active Concept S.R.L., Bet Zone S.R.L., Public Slots S.R.L. and Slot Arena S.R.L. from Fortbet Holdings Limited, the majority shareholder of Fortuna and the subsidiary of Penta Investment Group

* says currently finalising the Share Purchase Agreement

* says consideration to be paid for the Acquisition is expected to be around EUR 47 million out of which approx. EUR 15 will be deferred for up to 48 months

* says in addition, Fortuna shall refinance around EUR 3 million of Seller’s loans

* says consideration will be funded via Fortuna cash and bank loans

* says closing of the transaction is expected to occur in the second quarter of 2017

* says purpose of the Acquisition is to consolidate activities performed by the Romanian target companies under the Fortuna umbrella with the Hattrick Sports Group

* says also approved the financing for the Acquisition as well as previously announced acquisition of Hattrick Sports Group and refinancing of existing loans of approximately EUR 160 million

* says expected term of the loan will be six years and vast majority of the loan will be amortized in quarterly instalments; interest rate will be floating Further company coverage:

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