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Mergers & Acquisitions

OPAP receives approval to increase stake in Stoiximan

OPAP has been given the all clear to proceed with its 51% acquisition of Stoiximan Group’s Greece and Cypriot operations (SMGC).

opap

The Hellenic Competition Commission initially approved the €94.9m ($102.8m) deal last November, but it now has also been cleared by the Commission for the Protection of Competition of the Republic of Cyprus.

In addition, an agreement has been reached for OPAP to acquire a further 15% indirect stake of SMGC, subject to regulatory and competition approvals, to take OPAP’s overall stake in SMGC to 84%.

OPAP will retain its existing 37% stake in Stoiximan Group through its parent company, TCB, in which the operator will continue to provide online betting outside of Greece and Cyprus, under the Betano brand.

Providing all sections of the acquisition go through, the aggregate net consideration planned to be paid in 2020 is €163.4m, plus net cash.

OPAP Chairman, Kamil Ziegler, said: "The Greek online market is evolving and is gradually entering a new era, which provides for its fully regulated and supervised operation, following the adoption of relevant legislation a few months ago.

"In this framework, our strategic investment in Stoiximan Group – along with the development of our own online activities – is a significant move for OPAP, as it secures that we are properly positioned to leverage the opportunities offered by the growing online market."

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