Novomatic and Sazka Group set up joint venture

Sazka Group comprises the investment firms KKCG and Emma Capital.
Sazka Group comprises the investment firms KKCG and Emma Capital.

The deal aims to combine both groups’ shareholdings in Casinos Austria and Austrian Lotteries.

Czech Republic.- Novomatic, the Austrian gaming technology firm, and Sazka Group,  a Czech investors holding, agreed to set up a joint venture to combine their shareholdings in Casinos Austria and Austrian Lotteries.

According to both companies, the joint venture will hold more than 51 percent in Casinos Austria, settling disputes among shareholders. Austrian Lotteries is part of the Casinos Austria group.

The Austrian state owns one third of Unlisted Casinos Austria, which earned a net profit of 41.7 million euros (US$46 million) in 2014. It runs gaming and sports betting operations in Austria and in a number of east European countries.

“It is important for us, to reach a common understanding with all shareholders on the way forward,” stated Harald Neumann, Novomatic Chief Executive. He added that the joint venture was a “first essential step towards providing a clear shareholding structure.”