Greece’s OPAP is looking to gain sole control of Stoiximan Group’s operations in Greece and Cyprus.
Greece.- OPAP Group has completed its acquisition of a 51 per cent stake in Stoiximan in exchange for a €90.2million stake in OPAP, €3million in cash and performance-based earn-out payments
OPAP’s Invest division acquired the 51 per cent stake from GML Interactive, a subsidiary of Stoiximan’s parent company TCB Holdings, in a deal first announced in January 2019 and approved by the Hellenic Competition Commission in November.
Completion of the deal means the former state-owned gambling operator now holds 69 per cent of Stoiximan’s Greek and Cypriot business and has joint control of the business alongside two other TCB shareholders.
However, OPAP is looking to gain sole control of the business. It has already struck a deal to increase its stake to 84.49 per cent, and intends to seal a further €30million deal to obtain the remainder of the business. The price of its combined purchases would total €163.4million.
OPAP also already has a 36.75 per cent stake in Stoiximan’s business outside of Greece and Cyprus, which is run under the Betano name.
The company behind the Stoiximan and Betano brands recently rebranded as Kaizen Gaming.