OPAP has got the approval of Greece’s markets & competition authority HCC for acquiring a majority stake in online bookmaker Stoiximan Group.
OPAP is going to acquire a 51% stake in Stoiximan for €95 million, a Greek and Cypriot online sportsbook property operated by Malta-based European online gambling group GML Interactive.
The stake will be maintained by subsidiary ‘OPAP Investments’, who will co-share ownership of Stoiximan with enterprise investors TCB Holdings.
Prior to the transaction, OPAP had maintained 37% stake in Stoiximan secured through a €50 million investment undertaken in 2018.
HCC had been forced to reviewed OPAP’s increased investment in Stoiximan, carrying out due diligence on anti-trust conditions and competition criteria as Greece seeks to implement a new gambling regulatory framework.
Seeking to complete its investment, OPAP governance will require approval from Cyprus’s Competition and Consumer Protection authority.