OPAP ups bid for Greek Lottery

12/12/2012 : GREEK GOVERNMENT ACCEPTS IMPROVED BID FOR STATE LOTTERY (Update)
 
Deal could deliver Euro 1.5 billion over the next 12 years
 
The Greek privatisation agency, which earlier this week asked sole bidder OPAP up its bid for the state lottery, has accepted an improved offer from OPAP and its international consortium partners Lottomatica SpA, Intralot Lotteries and Scientific Games Global Gaming.
 
The Dow Jones news agency reports that the exclusive 12 year agreement could net the debt-ridden country Euro 1.5 billion over its duration.
 
"Both the price and the range of companies that undertake the management of State Lotteries are considered satisfactory," said Ioannis Emiris, chief executive of the Hellenic Republic Asset Development Fund.
 
Dow Jones reports that the bid amounts to Euro190 million, while the agreement also sets out that 30 percent of annual gross gaming revenue will go to the Greek state.