OREANDA-NEWS.  Olympic Casino Latvia – a subsidiary of Olympic Entertainment Group (OEG), the largest casino entertainment company in the region, employing 2,600 people – has signed the agreement to acquire a 100% shareholding in Latvian casino operator Garkalns and its subsidiary Post-Nevada.

On completion of the transaction, OEG will own 57 casinos in Latvia; the newly acquired casinos will be brought into line with the quality standards of OEG within one year, after which they will be rebranded “Olympic Casino”. The completion of the transaction is dependent on the usual conditions, including approval by the Latvian Competition Council.

“Basically, our plan is very simple – we will introduce Olympic Casino standards into the casinos we are acquiring, and so significantly increase their business success,” said Madis J??ger, CEO of OEG, sharing his vision and recalling the acquisition of a smaller company, Altea, almost two years ago, which positively impacted OEG’s business results. 

OEG is currently working on a larger-scale project, commencing its business activities in the Maltese market and at the same time building a casino in Tallinn, as well as the first Hilton hotel in the Baltic states. OEG shares are listed on the Main Markets of the Warsaw Stock Exchange and Tallinn Stock Exchange.

SORAINEN performed legal due diligence of Garkalns and its subsidiary Post-Nevada, and assisted the client in the share acquisition process by providing advice on Latvian law, assisting in drafting transaction documents and concluding the agreements.

The client was advised by SORAINEN Latvia senior associate Renate Purvinska and managing partner Eva Berlaus.