Greeks Accept OPAP Offer

Wednesday May 1, 2013 :  GREEKS ACCEPT OFFER TO BUY STATE'S STAKE IN OPAP

Emma Delta ups its offer for Greek gambling monopoly

The Greek government's privatisation agency agreed Wednesday to sell the state's stake in the OPAP gambling monopoly to Emma Delta, the sole remaining bidder for the company, after the investment fund agreed to up its offer.

Emma Delta improved its original offer by an additional Euro 30 million (payable in instalments) to Euro 652 million.

The Hellenic Republic Assets Development Fund (HRADF) confirmed the total financial consideration as Euro 712 million which consists of the amount offered by Emma Delta and the dividend of the 2012 financial year of Euro 60 million that corresponds to HRADF’s stake in OPAP.

Emma Delta, a Greek-Czech investment fund, had until today to revise its offer for OPAP upward after an initial offer was turned down by the Greeks.

Greece's advisers National Bank and Deutsche Bank have estimated the stake's value at Euros 610 million and a third adviser at a minimum Euros 650 million.

The completion of the transaction is conditional upon the preventative audit by the Court of Auditors and the approvals by the relevant authorities.