OPAP increases Stoiximan investment as €163m deal nears completion
Former Greek monopoly operator to purchase a further 15% in Stoiximan parent company SMGC
Greek gambling giant OPAP has agreed to increase its stake in Stoiximan Group’s Greek and Cypriot operations (SMGC) to 84.49%.
OPAP has added an additional 15.48% to its stake in SMGC as the combination – first announced in 2018 – nears completion for a total price of €163.4m.
The former Greek monopoly operator will retain its 36.75% stake in TCB, which controls Stoiximan’s online gambling services in Portugal, Romania and Germany under the international Betano brand.
The deal was approved by the Greek Competition Commission and the Commission for the Protection of Competition of the Republic of Cyprus prior to the stake increase.
Stoiximan will continue to operate independent of OPAP’s own online gambling activities and is seeking to launch the Betano brand in two further international markets in 2020.
Stoiximan CEO George Daskalakis
Stoiximan CEO George Daskalakis said: “Since OPAP’s initial investment 14 months ago, both Stoiximan and Betano have achieved impressive growth.
“This is the result of a strategic plan executed with consistency and professionalism by a team of more than 700 highly dedicated colleagues, who I am honoured to lead.
“Today, OPAP’s decision to increase its investment in Stoiximan essentially fuels the prospects of our company in the future, but mainly constitutes a strong vote of confidence in our way of doing business,” he added.