Sazka-owned Greek gambling operator OPAP has acquired an additional 15.48% stake in Stoiximan Group’s Greek and Cyrpriot operations (SMGC) from owner Kaizen Investment for €43.3m (£36.7m/$53.4m), bringing its stake to 84.48%.
Under the deal, OPAP will also make performance-based earn-out payments for 2020 and 2021.
In January 2019, OPAP agreed to purchase a 51% stake in SMGC for €94.9m. The deal closed in August after the Hellenic Competition Commission (HCC) gave its approval in November 2019, followed by the Commission for the Protection of Competition of the Republic of Cyprus clearing the acquisition.
This brought OPAP’s stake in Stoiximan’s Greek and Cypriot business to 69%, as it had already secured an 18% holding.
In April, before the initial deal closed, OPAP agreed to acquire this additional 15.48% stake.
OPAP also holds a 36.75% stake in Kaizen’s wider business in the rest of the world, where it operates under the Betano brand.
OPAP intends to acquire the remaining 14.52% of SMGC and become the sole owner of the business, provided it receives the necessary regulatory approvals.
A major stake in OPAP – 43.33% of the business – is owned by lotteries giant Sazka, which has been steadily increasing its stake and previously made a €2.06bn bid to acquire control of OPAP. Sazka acquired an additional €500m in funding from investment fund Apollo Global last week.