Allwyn increases stake in Greece’s OPAP
Allwyn, formerly Sazka, has reached an agreement to increase its stake in OPAP to 48.1 per cent.
Greece.- Allwyn Entertainment, the recently rebranded Czech lottery giant, has upped its stake in Greek gaming operator OPAP to 48.1 per cent through an agreement with Yeonama Holdings Co.
Its stake is currently 41.2 per cent, which has increased from 23.7 per cent in 2018.
Allwyn, formerly Sazka Entertainment, will pay Yeonama €327.4m to buy out the company’s minority interest in Sazka Delta AIF Variable Investment Company Ltd, which holds part of Allwyn’s stake in OPAP.
Allwyn said that accounting for the investment company’s net debt and working capital, the deal represented a premium of more than 10 per cent on OPAP’s share price.
It will fund the acquisition with cash from its balance sheet, including funds raised through a €600m bond issuance.
Allwyn chief executive Robert Chvatal said: “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 per cent in 2018 to 48.1 per cent today.
“We are very pleased with OPAP’s recent performance and are excited about opportunities to drive further growth.”
Last month, Allwyn revealed plans for a public listing in New York through an agreement with the special purpose acquisition company Cohn Robbins Holdings Corp. (CRHC) as it eyes further expansion internationally.
Its big objective at the moment is the UK National Lottery tender, whose winner is due to be announced this month.
Allwyn has said that it will name Justin King as chairman of its UK business if it wins the Gambling Commission’s tender for what will be the fourth UK National Lottery licence.
