Lithuanian sports-betting operator Orakulas sold its shares to Olympic Entertainment Group AS
Yesterday Olympic Entertainment Group AS signed the agreement on acquisition of 100% shareholding in a Lithuanian sports-betting operator Orakulas. It is the first ever transaction in the gambling sector. Olympic Entertainment Group (OEG) is operating in Lithuania under the name of Olympic Casino and is the most established and largest player in the gambling market.
The parties agreed not to disclose the price of the transaction.
Orakulas was founded in 2003. In 2014, the company’s revenue was around EUR 4 million. In recent years, the company’s growth rate reached double-digits. At present, the company owns 21% of the Lithuanian gambling market and has 155 employees.
A team of the Law Firm TRINITI, led by partner Linas Sabaliauskas, represented Orakulas in this transaction. This was the Firm’s tenth M&A transaction in this year alone.
According to Linas Sabaliauskas, the transaction was very complicated as the activities of the company have been under strict scrutiny and supervision of the supervisory authorities. Furthermore, it was the first acquisition in this sector in Lithuania and therefore the lawyers had to deal with a number of issues which had never been faced before. The completion of the transaction is subject to mandatory conditions, including the Lithuanian Competition Council’s approval on the acquisition of the shares of Orakulas.
The project team, which performed the company’s due diligence and transaction structuring as well as prepared the sale-purchase agreement and participated in the negotiations, also included lawyers Indrė Zabielskienė, Ieva Strunkienė and attorney-at-law Sonata Krasauskienė.