Greek gaming operator OPAP Group has confirmed that it has finalised the acquisition of a 51% stake in Stoiximan Group’s Greek and Cypriot business (SMGC).
The deal, which was initially announced 18 months ago, was valued at €90.2 million in addition to net cash of €3.0 million.
As part of the agreement, OPAP will acquire the stake from GML Interactive, a subsidiary of Stoiximan parent company TCB Holdings. OPAP Investment will pay earnout payments for 2020 and 2021 subject to the performance criteria set for SMGC.
Following the completion of the aforementioned transaction, OPAP will effectively hold a 69% stake in SMGC, while it retains its 36.75% stake in Stoiximan Group’s operations outside of Greece and Cyprus under the BETANO brand.
Issuing a statement, OPAP also outlined plans to take sole control of the Greek and Cypriot business as part of an agreement valued at €30 million. This would take the total purchase value for the entire business to €163.4 million. It was noted that SMGC will operate under the ‘Stoiximan’ brand through a separate legal entity.