ECONOMY

Emma Delta to buy OPAP this Friday

The countdown for the completion of the privatization of OPAP has started, and before the bourse opens on Friday Greek-Czech fund Emma Delta will have completed the acquisition of 105 million shares in the gaming company and paid state privatization fund TAIPED 622 million euros.

As soon as the transaction is completed, OPAP’s governing board will hold a meeting during which 10 out of its 11 members will tender their resignations. The new board – including three Greeks and eight foreigners, possibly Czech – will be appointed and convene on the same day.

The new management will have to be fully briefed on the most pressing issues, such as videolotto terminals (VLTs), Internet games, relations with supplier Intralot, etc.

The buyers’ side is particularly optimistic regarding the future of the company. This is aided by the rise of the OPAP stock on the bourse, which has been offering capital gains to its new shareholders. Since August 12, when the sell-off deal was signed, the stock has grown by 50 percent, exceeding 9 euros on Monday for the first time since 2010. Emma Delta bought each share at 6.50 euros not including the dividend.