OPAP privatisation deal finalised

The Greek government’s Hellenic Republic Assets Development Fund (HRADF) agency has finally completed a deal to sell its 33% stake in the OPAP gambling monopoly to Czech-led private equity consortium Emma Delta.

The €652 million ($867.5 million) deal was first announced in May, but the HRADF only confirmed completion on Monday.

The transaction was delayed by disputes among opposing investors over the fees OPAP would be paying its partners for technology and printing services, according to the Reuters news agency.

In acquiring the stake, Emma Delta has secured the rights to operate 13 games of chance on an exclusive basis until 2030 in addition to a 10-year authorisation for the running of the nation’s 35,000 video lottery terminals.

Greek finance minister Yannis Stournaras said that the sale illustrated the country’s determination to fulfil the privatisation programme it agreed to undertake as part of its financial bailout from the international community. The deal marks Greece’s first significant asset sale since HRADF was established to manage the country’s privatisation programme in 2011.

HRADF received two binding offers for the 33% stake in OPAP – one from Emma Delta and the other from a bidder known as Third Point.