Asian hospitality and property development conglomerate Far East Consortium International Limited has announced the completion of its $42 million deal to purchase Eastern European casino operator Trans World Corporation.
Hong Kong-listed Far East Consortium International Limited first revealed its intention to acquire Trans World Corporation via its FEC Overseas Investment (UK) Limited vehicle in early-March. It stated that the conclusion of the transaction means that its subordinate is now responsible for a trio of American Chance Casino-branded venues in the Czech border communities of Ceska Kubice, Dolni Dvoriste and Znojmo as well as five hotels spread across Austria, Germany and the Czech Republic.
As part of the deal, Far East Consortium International Limited has agreed to assume up to $11 million of the casino operator’s existing debts while the completion of the arrangement means that Trans World Corporation is now a subsidiary of FEC Overseas Investment (UK) Limited.
“The Board is pleased to announce that the merger was completed after the trading hours of the stock exchange on April 30,” read a Tuesday statement (pdf) from Ka Pong Chan, Company Secretary for Far East Consortium International Limited. “Following the closing, the target has continued as the surviving company and become a wholly-owned subsidiary of FEC Overseas Investment (UK) Limited and the purchaser has ceased to exist as a legal entity.”