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Consortium wins Greece gaming tender

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(Globalpost/GlobalPost)

Greece's privatisation fund on Wednesday announced the sale of a 33 percent stake in the country's gaming monopoly to the only remaining bidder, the Greco-Czech consortium Emma Delta.

In a sweetened offer, Emma Delta will pay 682 million euros ($889 million) to acquire the stake in OPAP, Greece's most profitable state company, including some 60 million euros in dividends, the Hellenic Republic Asset Development Fund said.

A rival bid by American investment fund Third Point was eliminated last month after it sought conditions on the sale, in violation of the tender rules.

OPAP has a state concession for the exclusive right to operate 13 games of chance until October 2030, and a 10-year license for the operation of 35,000 video lottery terminals.

OPAP in 2012 cleared 505.5 million euros, a six-percent fall in net revenue compared to the previous year.

There were originally eight contenders for the company.

Facing a sixth consecutive year of recession, the heavily-indebted country has been relying on international rescue packages to avoid bankruptcy.

In return for two bailouts, Greece has pledged to raise 9.5 billion euros in asset sales by 2016, a target that was originally 50 billion.

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http://www.globalpost.com/dispatch/news/afp/130501/consortium-wins-greece-gaming-tender