Greek operator OPAP has signed binding Memorandum of Understanding (MoU) to acquire Intralot’s stake in the Hellenic Lotteries business for a total cost of €20m (£17.9m/$22.3m).
The deal, brokered by the OPAP Investment Limited subsidiary, will see OPAP take ownership of its rival’s 511,500 shares in Hellenic Lotteries, representing 16.5% of the total share capital.
As part of the agreement, Hellenic Lotteries will also amend its existing services provision arrangement with Intralot. OPAP did not disclose how the deal will be amended, but did confirm that the terms and conditions will be renegotiated.
Should the deal gain regulatory and shareholder improvement as expected, OPAP would increase its share capital in the Hellenic Lotteries business to 83.5%.
The MoU comes after it was revealed earlier this month that Czech gaming and lottery giant Sazka Group has itself put forward an offer of €2.06bn to gain full control of OPAP.
Sazka would acquire 67% of the shares in OPAP, which, together with its current 33% stake in the operator, would grant it full ownership. Sazka holds its stake in OPAP via Emma Delta, an investment vehicle in which it is the majority shareholder, with a 66.7% stake.
Should the deal go through, Sazka said it would represent the largest all-cash voluntary offer in Greece for more than a decade.