Industry News

OPAP Obtains Permission in Greece to acquire Stoiximan

Published

6 years ago

November 6, 2019

Niji Narayan

OPAP Obtains Permission in Greece to acquire Stoiximan

Reading Time: < 1 minute

OPAP has got the approval of Greece’s markets & competition authority HCC for acquiring a majority stake in online bookmaker Stoiximan Group.

OPAP is going to acquire a 51% stake in Stoiximan for €95 million, a Greek and Cypriot online sportsbook property operated by Malta-based European online gambling group GML Interactive.

The stake will be maintained by subsidiary ‘OPAP Investments’, who will co-share ownership of Stoiximan with enterprise investors TCB Holdings.

Prior to the transaction, OPAP had maintained 37% stake in Stoiximan secured through a €50 million investment undertaken in 2018.

HCC had been forced to reviewed OPAP’s increased investment in Stoiximan, carrying out due diligence on anti-trust conditions and competition criteria as Greece seeks to implement a new gambling regulatory framework.

Seeking to complete its investment, OPAP governance will require approval from Cyprus’s Competition and Consumer Protection authority.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.