Greece approves OPAP’s acquisition of Stoiximan

Greek competition watchdogs have approved OPAP’s acquisition of Stoiximan’s Greek and Cypriot business.

Greece.- The gaming operator OPAP has announced that the Hellenic Competition Commission and the Republic of Cyprus’s Commission for the Protection of Competition have both approved its acquisition of Stoiximan Group’s Greek and Cypriot business.

OPAP will gain sole control over the business through its wholly owned subsidiary OPAP Investment Ltd.

It has already built up a 84.48 per cent stake in Stoiximan through a series of acquisitions over the last two years.

It initially gained approval in Greece to acquire Stoiximan in November 2019. It then increased its stake to a majority of 69 per cent in August last year. 

The acquisition of a further 15.48 per cent stake in November last year took OPAP’s stake to 84.48%. It almost immediately announced plans to buy the remaining 14.52 per cent.

In December, OPAP named Jan Karas as permanent CEO following a period as acting CEO.

Last year Stoiximan rebranded its international business outside of Greece and Cyprus as Kaizen Gaming