Fortuna wins court approval for Romanian acquisitions
Prague-listed firm says proposed deal would make it the largest regulated operator in Romania
Fortuna has been given the green light by the Amsterdam Court of Appeals to continue with its €47m acquisition of five Romanian gambling brands from its own parent company.
Investor Franklin Templeton Investment Funds had filed to block the acquisition back in April, questioning whether Fortuna was paying over the odds for the deal due to the parent company’s interest in both firms.
However the court dismissed that appeal on Friday, giving Fortuna shareholders the green light to vote on the acquisition at a meeting on 1 August.
The proposed deal will see Fortuna 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 – also the majority owner of Fortuna.
The cost is expected to be approximately €47m, of which €15m will be deferred for up to 48 months.
“We are very pleased about the positive court ruling,” said Per Widerström, CEO of Fortuna.
“Backed by this ruling Fortuna will continue vigorously to ensure further growth and create value for all its shareholders.
“Fortuna’s management has always operated with the purpose of ensuring all its shareholders benefit from its long term growth strategy and we are eager to back such strategy with action.
“This acquisition, together with previously acquired Casa Pariurilor (as part of Hattrick Sport Group), means that Romania will become our biggest market as well as for Fortuna Entertainment Group to become the number one regulated sports betting and gaming operator in the Romanian market.”