Allwyn increases holding in OPAP to 48%
Czech lottery giant seeks Greek gains with additional €327m investment in gaming operator
Allwyn, which rebranded from SAZKA Group in December, has increased its interest in Greek gaming operator OPAP from 41.2% to 48.1%.
As per an agreement with Yeonama Holdings Co. Ltd, Allwyn has acquired the remaining minority interest in Sazka Delta AIF Variable Investment Company LTD (SAZKA Delta), through whom it holds part of its interest in OPAP, for €327.4m (£273.6m).
Taking into account the net debt and working capital of SAZKA Delta, the deal represents a premium of more than 10% of OPAP’s current market share price.
It has been announced that the additional purchase will be funded through cash from Allwyn’s balance sheet, including that which was raised by a recent €600m bond issuance.
Allwyn’s CEO, Robert Chvatal, said: “Acquiring the remaining minority interest in Sazka Delta is an important step for Allwyn and continues our long-term strategy of increasing stakes in our operating companies.
“This transaction concludes a series of transactions through which we have bought out the interests of other shareholders in Sazka Delta over the last three years.”
In January, Allwyn Entertainment listed on the New York Stock Exchange via a SPAC merger with Cohn Robbins Holdings Corp.
Allwyn is one of four companies duking it out for the UK’s National Lottery licence, with a decision expected imminently.
Earlier this month, the UK Gambling Commission quashed media speculation that the incumbent, Camelot, which has run the lottery since its inception in 1994, had won the race.