OPAP S.A. has announced that its 100% subsidiary, OPAP Investment Limited (OPAP Investment) has executed a share purchase agreement with Rubidium Holding 2 Ltd, a fully owned indirect subsidiary of SAZKA Group a.s., for the sale of its 36.75% minority interest in the business activities of Kaizen Gaming Limited (KGL) outside Greece and Cyprus (the Betano Business).
The purchase price comprises:
- an upfront cash consideration of €50m, on a debt free and cash free basis; and
- performance based earnout payments for financial years 2022, 2023 and 2024, to be paid in 2023, 2024 and 2025, respectively.
The purchase price corresponds to the fair market value of OPAP Investment’s 36.75% interest in the Betano Business, as such has been evaluated by an independent financial advisor. The Betano Business has been accounted under the equity method and contributed EBITDA losses of €0.4m in OPAP’s FY 2021 financial results.
The announced transaction reflects OPAP’s strategic focus on maintaining and strengthening its leading position in the Greek and Cypriot online gaming markets.
The closing of the transaction is conditional primarily upon (i) the receipt of all regulatory approvals required, and (ii) the corporate separation of the Betano Business from KGL’s business activities in Greece and Cyprus (represented by its remaining stake in Stoiximan Ltd).
OPAP will retain its 84.49 % combined stake and sole control over Stoiximan Limited and its online gaming business in Greece and Cyprus under the brand “Stoiximan”.
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