OPAP SA announced that its 100% subsidiary OPAP Investment has entered into a share repurchase agreement with Rubidium Holding 2 Ltd, a wholly owned subsidiary with indirect participation of SAZKA Group, for the sale of its 36.75% minority interest in the company’s business activities. Kaizen Gaming Limited outside Greece and Cyprus (Betano).
The purchase price consists of: (a) € 50m cash advance, debt free cash free basis, and (b) interestout payments, based on financial performance years 2022, 2023 and 2024, payable in the years 2023, 2024 and 2025 respectively. The purchase price corresponds to the fair market value of the 36.75% participation of OPAP Investment in Betano, as it has been valued by an independent financial advisor.
Betano was consolidated based on the equity method, burdening the consolidated financial results of the OPAP group for the year 2021 with losses of € 0.4m. at EBITDA level. The announced transaction reflects OPAP’s strategy that focuses on maintaining and strengthening its leading position in the Greek and Cypriot online gaming market. The completion of the transaction requires mainly (a) the receipt of all required approvals from the regulatory authorities and (b) the corporate separation of Betano from KGL’s business activities in Greece and Cyprus (corresponding to its remaining participation in the company). Stoiximan Ltd).
OPAP maintains the total participation of 84.49% and the exclusive control over the company Stoiximan, which operates in online games in Greece and Cyprus under the brand “Stoiximan”
Source: Capital
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