OPAP has signed a preliminary agreement to acquire a 36.75% stake in TCB Holdings, the company which owns the Stoiximan Group, for €50m ($58m) through its subsidiary OPAP Investments.
TCB Holdings is an online gaming operator active through its Stoiximan brand in both the Greek and Cypriot markets - two of OPAP’s core customer bases - as well as Romanian and German markets under the Betano brand.
This acquisition is part of a strategic investment plan that is driven by OPAP’s aim of “exploiting the most modern digital and technological capabilities."
Last year, Stoiximan’s revenue totalled €136m.
OPAP also announced it reached an additional agreement with TCB to jointly acquire control of the Stoiximan Group’s activities in both Greece and Cyprus.
The second deal will be subject to a “number of previous conditions," such as regulatory approval and a due diligence survey, before terms of the investment are finalised.
Damian Coop, Managing Director of OPAP, said: "Strategic investment in Stoiximan is directly complementary to OPAP's online activities and provides us with an online presence at an international level.”
Giorgos Daskalakis, CEO of Stoiximan, added: "This partnership strengthens Stoiximan's leadership position in Greece and at the same time allows us to accelerate our growth plan in foreign markets as well as to step up our basic orientation for development in the field of technology."