OPAP secures Greek market clearance on Stoiximan investment

Greece’s markets & competition authority HCC has granted its approval for market leader OPAP to acquire a majority stake in online bookmaker Stoiximan Group.

The transaction initiated at the start of 2019, sees OPAP agree to acquire a 51% stake in Stoiximan for €95 million, a Greek and Cypriot online sportsbook property operated by Malta-based European online gambling group GML Interactive.

The stake will be maintained by subsidiary ‘OPAP Investments’, who will co-share ownership of Stoiximan with enterprise investors TCB Holdings.

Prior to the transaction, OPAP had maintained 37% stake in Stoiximan secured through a €50 million investment undertaken in 2018.

HCC had been forced to reviewed OPAP’s increased investment in Stoiximan, carrying out due diligence on anti-trust conditions and competition criteria as Greece seeks to implement a new gambling regulatory framework.

Seeking to complete its investment, OPAP governance will require approval from Cyprus’s Competition and Consumer Protection authority.

OPAP secures its Stoiximan approval, as the Athens-listed enterprise sees itself targeted by Czech gambling and lottery SAZKA Group who last week upped its shareholding in OPAP to 40% (formerly 33%)

This summer, Czech billionaire Karel Komarek Jr undertook full ownership of a SAZKA, underlining the group’s aggressive intent to expand its investment portfolio in tier-1 European gambling and lottery operators, facing disruptions across multiple markets.

Check Also

UKGC suspends two licences over failure to integrate GAMSTOP

The UK Gambling Commission (UKGC) has confirmed that it has suspended two operator licences with …

1xBet

BtoBet introduces new strategy to shift sports betting reliance

The ongoing COVID-19 crisis can be turned into an opportunity for bookmakers to diversify strategies …

1xBet

1xBet defies COVID-19 disruption to keep 2020 plans in place

It is business as usual for 1xBet, said the company, as it continues to deliver …