BUSINESS

OPAP takes over 
rival Stoiximan

TAGS: Business

OPAP, Europe’s fourth largest gaming company, has agreed to acquire a controlling stake in the fast-growing Greek and Cypriot business of online bookmaker Stoiximan, it said on Tuesday.

OPAP, which already holds a 36.8 percent stake in Stoiximan’s online operations in Portugal, Romania and Germany, has agreed to buy a 51 percent stake in Stoiximan’s Greek and Cypriot operations.

On Tuesday, OPAP said it had received approval from Greece’s competition authority to proceed with the acquisition, and had also agreed to buy an additional stake to bring its total shareholding in the Greek and Cypriot business to 84.49 percent.

OPAP said it will pay 163.4 million euros for the combined stake over the course of this year.

Stoiximan group holds a share of almost 50 percent in the Greek and Cypriot online gaming market.

Online betting accounted only for about 11 percent of OPAP’s gross gaming revenue of 1.8 billion euros.

[Reuters]

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