FEC Overseas Investment (UK) Limited (“FEC OIL”), an indirect wholly-owned subsidiary of FEC, FEC Investment (US) Limited (the “Purchaser”), a direct wholly-owned subsidiary of FEC OIL, and Trans World Corporation (the “Target”) entered into an agreement and plan of merger (the “Merger Agreement”). FEC will pay up to US$42 million (HK$327.6 million) and will assume the Target’s net debt at closing (not exceeding $11.025 million, or HK$ 86.0 million) for the acquisition (For more details on the transaction, please refer to the Group’s announcement dated 5 March,2018).
The Target together with its subsidiaries (the “Target Group”) primarily engages in the hospitality and gaming business in Germany, Austria and the Czech Republic. The Target Group currently owns and operates good quality assets with a portfolio of five hotels in Germany, Austria and the Czech Republic, and three full-services casinos in the Czech Republic under the registered brand American Chance Casinos featuring gaming tables and slot machines, destined to bring strong recurring cash flow.
Trans World Corporation (TWC) website: www.transwc.com