Finance

OPAP approved to acquire Stoiximan’s Greek and Cyprus business

| By Marese O'Hagan
Greek gaming operator OPAP has announced that the Hellenic Competition Commission and the Commission for the Protection of Competition of the Republic of Cyprus have granted approval on the acquisition of sole control over Stoiximan Group’s Greek and Cypriot business (SMGC).

OPAP’s fully-owned subsidiary OPAP Investment Ltd will now enact sole control over SMGC with its 84.48% ownership stake.

This comes after a two-year process to secure control over Stoiximan. OPAP received Greek approval for acquisition of Stoiximan in November 2019, followed by a majority acquisition of 51% in August 2020.

This upped OPAP’s stake to 69%, as it already had an 18% holding.

OPAP then obtained an additional 15.48% stake in November 2020, bringing the total stake to 84.48%.

In the same month the operator announced plans to acquire the remaining 14.52% of SMGC.

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