Industry News

OPAP Acquires Majority Stakes in Stoiximan

Published

5 years ago

August 10, 2020

Niji Narayan

OPAP Acquires Majority Stakes in Stoiximan

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OPAP Group, the major gaming operator in Greece, has completed the formalities of a 51% stake acquisition in Stoiximan Group’s Greek and Cypriot operations. The deal was initially announced about 18 months before.

As per the terms of the deal, Stoiximan will get an OPAP stake worth €90.2m (£81.5m/$106.1m) plus net cash of €3.0m, in addition to the earnout payments based on performance.

OPAP’s Invest arm will also buy the stake from GML Interactive, a subsidiary of Stoiximan parent company TCB Holdings, for grabbing joint control of the business alongside other two shareholders.

With this, OPAP now has a 69% stake in Stoiximan’s Greek and Cypriot business. The company plans to increase its share to 84.49% in the near future so that the company can take full control of Greek and Cypriot operations.

Related Topics:Greece OPAP Group Stoiximan

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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.