Novomatic agrees Casinos Austria sale

Novomatic has reached an agreement with regard to the sale of its 17.19 per cent share in Casinos Austria to Sazka Group, subject to regulatory approvals.

This transaction has key and long-term Casinos Austria shareholders aligned. The last six months have shown that clear ownership is essential to a successful business. Novomatic will keep its 11 per cent share in Österreichische Lotterien.

Novomatic CEO Harald Neumann said: “The previous ownership structure has led to no satisfactory development of Casinos Austria. As the smallest major shareholder, we have therefore decided to sell our shares in order to allow the company a clear ownership structure.

“It is important to enable a stable and sustainable shareholder structure that secures the company in the long term for the future challenges of national and global markets.”

Robert Chvatal, Sazka Group CEO, said: “We believe it is the best solution for the company. We want to ensure stable positive development for Casinos Austria in a long-term partnership of its two biggest shareholders.”