Sazka starts OPAP takeover

The Sazka Group started to take over the Greek betting company OPAP after the local commission approved a bid.

Greece.- The Hellenic Capital Market Commission approved this week a bid from Czech company Sazka Group to take over OPAP. The company had submitted an offer in July to acquire 67% of OPAP’s outstanding shares for €9.12.

Sazka already owned a 33% stake in OPAP through its subsidiary Emma Delta. The company had acquired those shares in 2013 for €650 million as part of a European Union-prescribed international bailout.

According to Czech outlet Idnes, shareholders may submit their shares for sale until October 29. Chairman of the Board of Directors of Sazka Group Karel Komarek said that the offer should be attractive for the shareholders of OPAP. He also said that this offer confirms the confidence of Sazka in the Greek economy.

Komarek said that Sazka won’t change the current strategy from OPAP, and that they want to focus on maintaining the company’s position in the Greek market.

Sazka grows revenues

Sazka Group revealed last month that its revenues improved 6% during the first half of 2019. After posting an €856 million figure last year, it grew to €908 million this one. Furthermore, it disclosed its operating EBITDA was up as well, from €230 million to €286 million.

International investment group KKCG owns the company after it took control last July. Sazka Group perceived its revenue mainly from Austria, Cyprus, the Czech Republic, Greece and Italy, its key markets.