OPAP gaming company takes over rival Stoiximan
Athens-listed OPAP group is securing its leading position in the games of chance market following the formal completion of its takeover of online betting company Stoiximan.
An OPAP subsidiary, OPAP Investment Ltd has just acquired a 51% stake in the Stoiximan group for a net price of 90.2 million euros, plus €3 million in corresponding net cash flow.
This will take OPAP’s total stake in the Stoiximan group (SMGC), which is active in Greece and Cyprus, to 69%, in addition to the holding of 36.75% in the activity of the Stoiximan group outside Greece and Cyprus, conducted under the name Betano.
For 2020 and 2021 the OPAP subsidiary will pay earnouts – i.e. a share of future earnings – provided the performance criteria set by SMGC are met.
OPAP will also obtain indirectly an additional holding of 15.48% in the Stoiximan group for €43.2 million plus the corresponding net cash flow, bringing OPAP’s total stake in SMGC to 84.49%.