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Allwyn acquires remaining Sazka minority to increase stake in OPAP

Lottery and online gaming operator Allwyn has purchased the remaining minority interest in Sazka Delta.

allwyn

Sazka, an entity through which Allwyn holds interest in OPAP, has resultantly increased its economic interest in OPAP, rising from 41.2% to 48.1%.

Its stake in OPAP is now worth around €327.4m ($371.5m). Offset against the net debt and working capital of Sazka, the takeover implies a 10% premium on OPAP’s current market share.

The deal for the remaining minority interest was reached in agreement with Yeonama Holdings Co, with Allwyn financing the purchase with balance sheet cash, as well as from money generated in its recent €600m bond issuance.   

The acquisition continues Allwyn's growth across Europe, with increased stakes in the Greek lottery and entertainment industry.  

CEO of Allwyn, Robert Chvatal, highlighted the importance of acquiring the remaining minority in Sazka to achieve the company’s long-term ambitions.

He says: “Acquiring the remaining minority interest in SAZKA Delta is an important step for Allwyn and continues our long-term strategy of increasing stakes in our operating companies. This transaction concludes a series of transactions through which we have bought out the interests of other shareholders in SAZKA Delta over the last three years.

"Together with our election to receive OPAP’s dividends as scrip and open market share purchases, we have increased our economic interest in OPAP from 23.7% in 2018 to 48.1% today. We are very pleased with OPAP’s recent performance and are excited about opportunities to drive further growth.”  

Earlier this month, it was revealed Allwyn are eyeing former Sainsbury’s boss Justin King to lead its UK lottery operations.

 

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