SAZKA Group’s Acquisition Of OPAP

in Finance

“OPAP announces that it has received the tender offer by Sazka Group. In accordance with the Greek Takeover Law, OPAP shall appoint a financial advisor and the board of directors of OPAP shall evaluate the tender offer and shall issue its opinion following the approval of the information memorandum by the HCMC,” OPAP stated.


Milbank LLP advised SAZKA Group on its all cash, unconditional offer to acquire Greece’s OPAP.

The offer values the entire share capital of OPAP in excess of €3.1 billion. The offer period will commence upon publication of SAZKA’s Group offer document later this month and is expected to close during Q3 2019. The offer represents the largest cash offer in Greece for more than 10 years and signals increasing confidence in the prospects of the Greek economy.

SAZKA Group is one of the fastest growing European gaming companies with significant market presence in Austria, Cyprus, the Czech Republic, Greece and Italy, with annual revenue of approximately €18 billion. SAZKA Group is 75% owned by KKCG, the private equity fund of Czech billionaire Karel Komarek. KKCG will acquire the remaining 25% interest in SAZKA Group from Emma Capital (beneficially owned by Czech entrepreneur Jiri Smejc), subject only to regulatory approvals.

OPAP is the largest gaming company in Greece and has operations in Cyprus and Malta. Since SAZKA Group’s initial investment in OPAP, “Gross Gaming Revenues” have increased by 27%, EBITDA has grown by 59% and OPAP has returned approximately €1.4 billion in cash to its shareholders as dividends.

The Milbank team was led by London capital markets partner Apostolos Gkoutzinis (Picture), corporate partner Mark Stamp, special counsel Joji Ozawa and associate Andrew Reilly. The team also included London partners Rebecca Marques, Suhrud Mehta, Clive Ransome and Frankfurt partner Mathias Eisen, as well as London associates Gemma Cullen, Alistair Gillespie, Jonathan Roberts, Bernardo Zang and Maria Schweinberger. Munich anti-trust partner Alexander Rinne and associate Moritz Lichtenegger alongside London tax special counsel Matthew Mortimer provided additional support.

Involved fees earner: Gemma Cullen – MilbankMathias Eisen – MilbankAlistair Gillespie – MilbankApostolos Gkoutzinis – MilbankMoritz Lichtenegger – MilbankRebecca Marques – MilbankSuhrud Mehta – MilbankMatthew Mortimer – MilbankJoji Ozawa – MilbankClive Ransome – MilbankAndrew Reilly – MilbankAlexander Rinne – MilbankJonathan Roberts – MilbankMaria Schweinberger – MilbankMark Stamp – MilbankBernardo Zang – Milbank;

Law Firms: Milbank;

Clients: SAZKA Group ;

According to revenues, OPAP is the fourth largest betting company in the whole of Europe. 

It offers sports betting and lottery and operates video lottery terminals in Greece and Cyprus. Last year its gross revenues amounted to EUR 1.5 billion (over CZK 38 billion).