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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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