Fortuna wins appeals court ruling on planned Romanian acquisition

Fortuna wins appeals court ruling on planned Romanian acquisition Fortuna Romania

BUCHAREST (Romania), July 17 (SeeNews) - The Netherlands-based betting operator Fortuna Entertainment Group said on Monday that the Amsterdam Court of Appeals has dismissed all requests made by Franklin Templeton investment funds related to the proposed acquisition of Romanian firms.

The extraordinary meeting of shareholders planned for August 1 is now free to approve the acquisition, Fortuna said in a press release.

"This acquisition, together with previously acquired Casa Pariurilor (as part of Hattrick Sport Group), means that Romania will become our biggest market and that Fortuna Entertainment Group will become the number one regulated sports betting and gaming operator in the Romanian market," Per Widerström, CEO of Fortuna, said.

In April, the Amsterdam Court of Appeals prohibited Fortuna shareholders from voting on the proposed acquisition after a group of shareholders advised by Templeton filed an injunction to stop the sale.

A month earlier, Fortuna announced that it plans to acquire Romanian companies Bet Active Concept, Bet Zone, Public Slots and Slot Arena from Fortbet Holdings Limited for some 47 million euro ($54 million).

Fortbet is the majority shareholder of Fortuna and the subsidiary of Penta Investment Group.

In April, Fortuna acquired Hattrick Sports Group's operations in Romania, Croatia and Spain for an undisclosed sum. Hattrick was the owner of the leading betting operator in Romania, Casa Pariurilor.

Through these multiple acquisitions, Fortuna Entertainment Group aims to become a new betting market leader in Romania, where it has been present since September 2015 through a brand licensed agreement.

The Fortuna Entertainment Group was established in 1990 in the Czech Republic. It is now based in the Netherlands. Over time, it has grown into a holding company with operations in Slovakia and Poland.

($=0.8728 euro)

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