Central Europe

Czech SAZKA Group Signs Deal with Austrian OBAG

Published

5 years ago

March 10, 2020

Niji Narayan

Czech SAZKA Group Signs Deal with Austrian OBAG

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The Czech-based gaming and lottery company SAZKA has signed an agreement with the Austrian state holding company OBAG, by which SAZKA will become the majority owner of lottery group Casinos Austria.

SAZKA Group, after its recent acquisition spree, has grown into one of Europe’s largest lottery and gaming operators.

“We see this cooperation as a long-term partnership and want to use our expertise in the lottery and gaming sector to help further strengthen Casinos Austria AG and Austrian lotteries,” said SAZKA Group Chief Executive Robert Chvatal.

SAZKA is already the largest Casinos Austria shareholder with a 38 per cent stake, followed by OBAG with 33 per cent.

The new agreement was made possible by gambling group Novomatic’s decision to sell its 17.2 per cent stake in Casinos Austria, allowing other shareholders to increase their stakes in relation to their holding.

SAZKA and OBAG, however, agreed for the state holding to waive its option, thus enabling SAZKA to obtain a majority stake, they said. In turn, the two agreed to jointly control Casinos Austria for the next 15 years.

The company’s headquarters and all main corporate and business functions will remain in Vienna, according to the deal, which safeguards locations and jobs and ensures that SAZKA will not bring competing businesses to Austria.

SAZKA group companies operate in the Czech Republic, Austria, Greece, Cyprus and Italy.

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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.