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Fortuna Entertainment Group seals deal to acquire businesses in Romania, Croatia and Spain Fortuna Entertainment Group, a leading sport betting company, has acquired 100% share in Hattrick Sports Group Ltd., Ireland (”Hattrick Sports Group”). The sellers are Hattrick Sports Group LLC (U.S) and other shareholders and share warrant holders. According to a press statement issued by Fortuna Entertainment Group, the transaction is subject to conditions precedent including approval of the competition councils and by the shareholders of Fortuna. The closing of the transaction is expected to occur in the first half of 2017. Fortuna Entertainment Group, a leading sport betting company, has acquired 100% share in Hattrick Sports Group Ltd., Ireland (”Hattrick Sports Group”). The sellers are Hattrick Sports Group LLC (U.S) and other shareholders and share warrant holders. According to a press statement issued by Fortuna Entertainment Group, the transaction is subject to conditions precedent including approval of the competition councils and by the shareholders of Fortuna. The closing of the transaction is expected to occur in the first half of 2017. Romanian independent law firm Tuca Zbarcea & Asociatii took a lead role on the deal advising on the Romanian related legal issues incident to the transaction. Partner Cristian Radu, specialising in Gambling law, headed the team of lawyers who acted on buyer’s side on this project. The target deal in Romania is ”Casa Pariurilor”, the second largest bet shops operator, having a network of over 700 outlets. The acquisition is driven by the plans of Fortuna to become the largest gambling operator in Romania. Our team has 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. Currently, we are advising the client in the process of setting-up the acquisition finance. The initial consideration to be paid by Fortuna for the acquisition of Hattrick Sports Group will be approximately EUR 85 million. As a further consideration, an earn-out mechanism has been agreed with the Sellers which is based on future financial performance of Hattrick Sports Group and which may lead to payment of a maximum additional amount of EUR 50 million. The initial consideration will be funded mainly via bank loans. For further information on the deal, please refer to http://www.fortunagroup.eu/public/ae/bd/df/753847_1276149__20170220_FEG_Regulatory_announcement_English.pdf
February 23, 2017
Fortuna Entertainment Group seals deal to acquire businesses in Romania, Croatia and Spain
Fortuna Entertainment Group, a leading sport betting company, has acquired 100% share in Hattrick Sports Group Ltd., Ireland (”Hattrick Sports Group”). The sellers are Hattrick Sports Group LLC (U.S) and other shareholders and share warrant holders. According to a press statement issued by Fortuna Entertainment Group, the transaction is subject to conditions precedent including approval of the competition councils and by the shareholders of Fortuna. The closing of the transaction is expected to occur in the first half of 2017. [+]

Fortuna Entertainment Group, a leading sport betting company, has acquired 100% share in Hattrick Sports Group Ltd., Ireland (”Hattrick Sports Group”). The sellers are Hattrick Sports Group LLC (U.S) and other shareholders and share warrant holders. According to a press statement issued by Fortuna Entertainment Group, the transaction is subject to conditions precedent including approval of the competition councils and by the shareholders of Fortuna. The closing of the transaction is expected to occur in the first half of 2017.

Romanian independent law firm Țuca Zbârcea & Asociații took a lead role on the deal advising on the Romanian related legal issues incident to the transaction. Partner Cristian Radu, specialising in Gambling law, headed the team of lawyers who acted on buyer’s side on this project.

The target deal in Romania is ”Casa Pariurilor”, the second largest bet shops operator, having a network of over 700 outlets. The acquisition is driven by the plans of Fortuna to become the largest gambling operator in Romania.

Our team has 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.

Currently, we are advising the client in the process of setting-up the acquisition finance.

The initial consideration to be paid by Fortuna for the acquisition of Hattrick Sports Group will be approximately EUR 85 million. As a further consideration, an earn-out mechanism has been agreed with the Sellers which is based on future financial performance of Hattrick Sports Group and which may lead to payment of a maximum additional amount of EUR 50 million. The initial consideration will be funded mainly via bank loans.

For further information on the deal, please refer to http://www.fortunagroup.eu/public/ae/bd/df/753847_1276149__20170220_FEG_Regulatory_announcement_English.pdf 

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The Lawyer: M&A Boom in the CEE: how firms are harnessing the trend This article first appeared in The Lawyer magazine With Europe facing significant political headwinds including elections and a new US administration, will buyers and sellers become risk-averse? And why have international law firms dominated M&A tables for so long? The Lawyer’s CEE experts discuss. With Europe facing significant political headwinds including elections and a new US administration, will buyers and sellers become risk-averse? And why have international law firms dominated M&A tables for so long? The Lawyer’s CEE experts discuss. Our Deputy Managing Partner, Stefan Damian says: „Like it or not, politics influences the economy, in particular the economy in CEE. I’m not only referring to Brexit but also to the political events that will come along in 2017 – elections in the EU (Germany, Italy and France, the last two having strong parties with anti-EU platforms) that could make countries focus more on their internal markets while companies from these countries will probably wait for the results of the elections before making any substantial expansions plans. The US will also be, at least for Romania, an important element; I mean, the Trump administration’s policies in relation to this region. The situation in Ukraine should be a cause for concern for the region, too. In addition, economically, prospects are quite dull – EU GDP growth is close to zero, Greece has never-ending financial problems and there are problems with the entire banking sector in Italy. Ironically, notwithstanding all the above, Romania looks politically and economically pretty good and stable: economic growth seems to be continuing at a high rate; we have just completed Parliamentary elections; and the winning coalition and new government seem to be strong and stable with a focus on economic development. However, we don’t have a buffer against the rest of the world unfortunately, and if the world – and especially the EU – suffers, we will suffer. All in all I’m moderately optimistic about 2017. We’ll probably see an increase in M&A activity compared with 2016, but it will definitely not be a boom”. To read the entire interview, please go to: https://www.thelawyer.com/issues/30-january-2017/ma-boom-cee-firms-harnessing-trend/
February 22, 2017
The Lawyer: M&A Boom in the CEE: how firms are harnessing the trend

This article first appeared in The Lawyer magazine

With Europe facing significant political headwinds including elections and a new US administration, will buyers and sellers become risk-averse? And why have international law firms dominated M&A tables for so long? The Lawyer’s CEE experts discuss. [+]

With Europe facing significant political headwinds including elections and a new US administration, will buyers and sellers become risk-averse? And why have international law firms dominated M&A tables for so long? The Lawyer’s CEE experts discuss.

Our Deputy Managing Partner, Ștefan Damian says:

„Like it or not, politics influences the economy, in particular the economy in CEE. I’m not only referring to Brexit but also to the political events that will come along in 2017 – elections in the EU (Germany, Italy and France, the last two having strong parties with anti-EU platforms) that could make countries focus more on their internal markets while companies from
these countries will probably wait for the results of the elections before making any substantial expansions plans.

The US will also be, at least for Romania, an important element; I mean, the Trump administration’s policies in relation to this region. The situation in Ukraine should be a cause for concern for the region, too.

In addition, economically, prospects are quite dull – EU GDP growth is close to zero, Greece has never-ending financial problems and there are problems with the entire banking sector in Italy.

Ironically, notwithstanding all the above, Romania looks politically and economically pretty good and stable: economic growth seems to be continuing at a high rate; we have just completed Parliamentary elections; and the winning coalition and new government seem to be strong and stable with a focus on economic development.

However, we don’t have a buffer against the rest of the world unfortunately, and if the world – and especially the EU – suffers, we will suffer.

All in all I’m moderately optimistic about 2017. We’ll probably see an increase in M&A activity compared with 2016, but it will definitely not be a boom”.

To read the entire interview, please go to: https://www.thelawyer.com/issues/30-january-2017/ma-boom-cee-firms-harnessing-trend/ 

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Romanian independent outfit closes Direct One-Netcity Telecom deal Direct One, a Romanian-owned company that has developed its own nationwide high-capacity fibre optic network, announced the completion of the transaction to acquire Netcity telecom’s infrastructure from UTI Group. Direct One, a Romanian-owned company that has developed its own nationwide high-capacity fibre optic network, announced the completion of the transaction to acquire Netcity telecom’s infrastructure from UTI Group. The deal got regulatory approval in December 2016, while debt financing was provided by the Mandated Lead Arrangers Banca Comerciala Romana and BRD – Groupe Societe Generale. Tuca Zbarcea & Asociatii advised the buyer on all telecom/regulatory, as well as M&A and corporate issues surrounding the deal, from a due diligence investigation on the target company, to assisting in relation to the transaction structuring and reviewing the transaction documents up to the negotiation thereof. The team also acted on the financing side of the deal. The team was led by Partners Catalin Baiculescu (Corporate, M&A, TMT) and Vlad Cercel (TMT), as well as Mihai Dudoiu (Banking & Finance). Direct One is a Romanian-owned company that has developed its own nationwide high-capacity fibre optic network. Netcity Telecom is the operator of the capital Bucharest's underground fibre optic network under a 49-year concession agreement concluded with the Bucharest municipality in 2008.
February 16, 2017
Romanian independent outfit closes Direct One-Netcity Telecom deal
Direct One, a Romanian-owned company that has developed its own nationwide high-capacity fibre optic network, announced the completion of the transaction to acquire Netcity telecom’s infrastructure from UTI Group. [+]

Direct One, a Romanian-owned company that has developed its own nationwide high-capacity fibre optic network, announced the completion of the transaction to acquire Netcity telecom’s infrastructure from UTI Group.

The deal got regulatory approval in December 2016, while debt financing was provided by the Mandated Lead Arrangers Banca Comercială Română and BRD – Groupe Societe Generale.

Țuca Zbârcea & Asociații advised the buyer on all telecom/regulatory, as well as M&A and corporate issues surrounding the deal, from a due diligence investigation on the target company, to assisting in relation to the transaction structuring and reviewing the transaction documents up to the negotiation thereof. The team also acted on the financing side of the deal.

The team was led by Partners Cătălin Băiculescu (Corporate, M&A, TMT) and Vlad Cercel (TMT), as well as Mihai Dudoiu (Banking & Finance).

Direct One is a Romanian-owned company that has developed its own nationwide high-capacity fibre optic network.

Netcity Telecom is the operator of the capital Bucharest's underground fibre optic network under a 49-year concession agreement concluded with the Bucharest municipality in 2008.

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