The Greek government has approved the sale of its 33 percent holding in the country’s monopoly operator, OPAP, to investment fund Emma Delta for an undisclosed sum.
The Greek-Czech fund’s initial bid of €622 million was rejected as too low, but as the sale attracted few bidders, both sides were motivated to get a deal done. The government was seeking €650 million, considerably less than an independent assessment that valued the company at €726 million.
Greece is obliged to raise €9.5 billion from asset sales by 2016 under its international bailout plan. In return, the European Union and the International Monetary Fund have committed to €240 billion in rescue loans for the financially strapped nation.
OPAP has a 10-year license to operate 35,000 video lottery terminals and the exclusive rights to operate 13 games of chance until 2030.