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Tuca Zbarcea & Asociatii Assists Fortuna Entertainment Group in Acquisition of Romanian Gaming Companies

Tuca Zbarcea & Asociatii Assists Fortuna Entertainment Group in Acquisition of Romanian Gaming Companies

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Tuca Zbarcea & Asociatii has advised Fortuna Entertainment Group N.V., acting through Fortuna Romania, on various gambling regulatory aspects as well as on corporate, IP and insolvency laws matters related to its acquisitions of Bet Active Concept S.R.L., Bet Zone S.R.L., Public Slots S.R.L., and Slot Arena S.R.L.

According to a Fortuna Entertainment Group press release, the deal closed on August 31, 2017, after the acquisition was approved by Extraordinary General Meeting of shareholders on August 1, 2017. According to Fortuna, "the Romanian operation will be integrated with Hattrick business in Romania but will keep a dual-brand strategy. The total consideration to be paid for the acquisition will be EUR 47 million, out of which EUR 32 million was paid as initial base price on the closing date whilst the rest will be paid as earnout mechanism with maximum earn-out opportunity of EUR 15 million. In addition, approximately EUR 3 million in loans provided by Fortbet to the Romanian entities will be refinanced. The consideration will be funded via the company’s cash and bank loans. The newly acquired businesses will be fully consolidated with the rest of Fortuna´s Group from 1 September, 2017."

According to TZA, "the team of lawyers coordinated by Partner Cristian Radu performed an in-depth legal due-diligence exercise and has assisted in the structuring of the transaction and, respectively, the drafting and negotiation of the transaction documents, as well as advising the client in connection with the closing procedures and the satisfaction of the commitments towards the financing banks."

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