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Greek iGaming operator OPAP Group agreed to increase it’s stake in Stoiximan Group, both in Greece and Cyprus, since its initial acquisition of a larger holding in the business was approved. 14 months ago, OPAP purchased 51% of Stoiximan Stoiximan Group (SMGC) for a total sum of almost 100m. euros. The deal was approved from the Greek competition commission in November 2019, while the Cyprus Protection of Competition also cleared the deal.
OPAP has also agreed to take an additional 15.48% indirect stake in SMGC. OPAP currently owns a 36.75% stake in SMGC through the brand’s parent company TCB Holdings that was purchased in September 2018. OPAP will retain this stake and continue to provide online betting and other online gaming services outside of Greece and Cyprus – currently in Portugal, Romania and Germany – under the Betano brand.
Together with the 51% stake in the Greek and Cypriot business, plus the existing stake in the business, the purchase of the additional 15.48% stake sees it increase its total shareholding in SMGC to 84.49%. This increase is still to be approved from the regulatory and competition commissions.
OPAP’s CEO Damian Cope commented: “Building up OPAP’s presence in Online was a key element of our original 2020 Vision and in the last two years we have been steadily implementing our strategy of developing OPAP’s own online business while also taking an investment in the leading Greek online operator, Stoiximan Group.
Both have been growing rapidly during this time, albeit from very different bases, and so we are delighted to be announcing today that we are not only now able to conclude our previously announced investment but that we have also reached agreement with Stoiximan to further increase OPAP’s stake in their Greek & Cypriot operations.”
Stoiximan’s CEO George Daskalakis added: “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, whom 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.”
