OPAP to acquire Stoiximan Group stake

OPAP to acquire Stoiximan Group stake

Monday, September 24, 2018 Posted by News Team
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Deal also includes option for OPAP to share control of Greek and Cypriot operations with Stoiximan parent company

OPAP has agreed a €50m deal to acquire a stake in TCB Holdings, the parent company of Greek iGaming operator Stoiximan Group.

OPAP, via its OPAP Investment subsidiary, will acquire a 36.75% stake in TCB Holdings, subject to regulatory approval. 

TCB Holdings is active in the Greek and Cypriot iGaming markets via the Stoiximan brand, as well as in Germany and Romania under its Betano-branded site. The company generated revenue of €136m in 2017, and earnings before interest, tax, depreciation and amortisation of €16m. 

OPAP also has the option to invest further in order to share control of Stoiximan Group’s Greek and Cypriot operations with TCB. This investment is subject to various conditions, including approval from the relevant gaming and anti-trust authorities, and due dilligence checks. 

The exact amount of investment will only be finalised once the due diligence checks have ben carried out. Only at that point will the full terms of the agreement be disclosed.

Following the acquisition of the 36.75% stake, Stoiximan Group will retain its existing management team and continue to operate independently from OPAP’s online business. 

The deal comes as OPAP looks to ramp up its investment in online development, which follows the completion of an overhaul of its retail technology earlier this year. A new sports betting product for desktop and mobile devices, Pamestoixima.gr, is expected to launch in the coming days.

“As part of our ambition to become a world-class gaming entertainment company, we know that we must offer our customers an attractive and competitive online gaming experience,” OPAP chief executive Damian Cope explained. “The imminent launch of our new online sportsbook Pamestoixima.gr is the first step in this direction, with the intention to add further products online over the next 12 months. 

“The new sportsbook will offer competitive odds for our customers in Greece and generate additional commission income for the agents in our retail network.

“The strategic investment in Stoiximan that we are announcing today directly compliments OPAP’s own online activities and also gives us online presence at an international level,” Cope exlplained. “Stoiximan has proven itself to be a successful online operator and we are happy to be working with them. We therefore look ahead with confidence to the next stage of OPAP’s modernisation and development in the delivery of our overall 2020 Vision.”

Stoiximan chief executive George Daskalakis said OPAP’s decision to invest in his business was “a tangible acknowledgement of the hard work of the 450 members of our team and of our company’s successful growth model. 

“At the same time, it underscores its potential, as we are entering the stage of the permanent regulation of the online gaming market in Greece,” he said. “This partnership strengthens Stoiximan’s leading position in Greece and additionally allows us to accelerate our growth in international markets, as well as to intensify our strategic focus on technology. 

“Our vision is to become established as one of the top GameTech-companies in Europe while maintaining our Greek character and it is towards this direction that we will continue to work with the same passion and dedication,” Daskalakis added.

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