Greek operator OPAP has signed a binding memorandum of understanding to acquire Greek platform technology supplier Intralot’s stake in the Hellenic Lotteries business for a total cost of €20 million (£17.9 million/$22.3 million).
The deal, brokered by the OPAP Investment Ltd. subsidiary, will see OPAP take ownership of its rival’s 511,500 shares in Hellenic Lotteries, representing 16.5 percent of the total share capital.
As part of the agreement, Hellenic Lotteries will also amend its existing services provision arrangement with Intralot. OPAP did not disclose how the deal will be amended, but did confirm that the terms and conditions will be renegotiated.
Should the deal gain regulatory and shareholder improvement as expected, OPAP would increase its share capital in the Hellenic Lotteries business to 83.5 percent.
The MOU comes after it was revealed earlier this month that Czech gaming and lottery giant Sazka Group has itself put forward an offer of €2.06 billion to gain full control of OPAP.
