The private equity firm has cemented its grasp on OPAP, the Hellenic gaming behemoth, by purchasing the outstanding shares held by Sazka, a parent company. This action elevates Apollo’s financial interest in OPAP from 41.2% to 48.1%, raising their holdings’ worth to roughly €3.274 billion (equivalent to $3.715 billion USD). Apollo offered a 10% markup on OPAP’s present market valuation, considering Sazka’s current liabilities and revenue stream. To fund the purchase, Apollo secured an agreement with Yeonama Holdings Co and employed a blend of liquid assets and a recent €600 million bond offering.
This tactical maneuver bolsters Apollo’s presence in the Continental market, particularly within the Greek lottery and gaming industry. Robert Chvatal, Apollo’s Chief Executive, emphasized the importance of this acquisition, remarking, “The complete acquisition of SAZKA Delta signifies a pivotal moment in our trajectory and reflects our enduring approach of expanding our ownership in the enterprises we manage. It embodies the culmination of a series of dealings over the preceding three years to procure the interests of other SAZKA Delta stakeholders.”
Through a calculated approach of receiving our OPAP dividends as equity, coupled with additional acquisitions from the market, we have significantly increased our ownership in the company. Our initial stake in 2018 was 23.7%, which has now grown to an impressive 48.1%. We are highly satisfied with OPAP’s performance and are optimistic about its future prospects.
Currently, there is considerable interest surrounding Allwyn, particularly with the recent development regarding their pursuit of Justin King, the former head of Sainsbury’s, to oversee their lottery business in the UK.
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