Fortuna Entertainment Group will take over Hattrick Sports Group, which has operations in Romania, Croatia and Spain, for EUR 85 million with the option of an earn-out mechanism.
Hattrick Sports Group will take over in Romania betting operator Casa Pariurilor, PSK in Croatia and a joint venture partner in Luckia operator in Spain.
According to the terms of the deal, an earn-out mechanism of up to EUR 50 million has been agreed with the sellers which is based on future financial performance of Hattrick Sports.
The deal is expected to be closed in the first half of this year and the financing will come primarily from banks.
Fortuna has been present on the local market since the second half of 2015, after signing a brand licensing agreement with Romanian sports betting & gaming companies BET ACTIVE CONCEPT S.R.L. and BET ZONE S.R.L.
“Our intention is to retain the Fortuna and Casa Pariurilor brands in Romania as well as PSK and Hattrick in Croatia. On a regional level, we will combine the best of both companies with the aim to create more exciting offers for our customers, better opportunities for our employees and business partners, thus increasing value for our shareholders,” said Per Widerström, CEO of Fortuna Entertainment Group.
Law firm Tuca Zbarcea & Asociatii assisted the buyer in Romania.