Austrian state fund Österreichische Beteiligungs (ÖBAG) and Czech gaming firm the Sazka Group have agreed to a “cooperation agreement”
related to the ownership structure of Casinos Austria, which runs Austria’s national lottery, Osterreichische Lotterien.
According to SBC News, ÖBAG was criticized by government officials for failing to use its pre-emption rights to challenge Sazka’s bid for a majority stake in Casinos Austria.
Last summer, Sazka added to its 37 percent stake in Casinos Austria, agreeing with Novomatic AG to acquire a further 17.2 percent stake. Austria’s Social Democrats (SPO) accused Sazka of taking over the lottery without regulatory oversight or commitment to Casinos Austria’s 3,000 employees.
Earlier this month, Austrian Finance Minister Gernot Blümel promised that Austrian Peoples Party (OVP) would deliver a “deal package” that’s acceptable to everyone. ÖVP reportedly ordered ÖBAG to waive its pre-emption rights, allowing Sazka to purchase its majority stake in Casinos Austria.
Sazka will jointly operate the Austrian National Lottery for 15 years. Casinos Austria will maintain its headquarters and business functions in Vienna, maintaining all current staff and operations.
