Published
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."

Premium+ Connections
Premium

1xBet Partners

 
Premium

Revsharks

 
Premium

RISK

 
Premium

Galaxsys

 
 
Premium

Imagine Live

 
Premium

Sport Generate

 
Premium

Lynon

 
Premium

Digitain

 
Premium

PIN-UP Partners

 
Premium

GammaStack

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...