Strategic investment by OPAP in Stoiximan
A significant agreement in the sector was completed today with the acquisition by OPAP of 36.75% of Stoiximan’s shares.
The two companies retain their autonomy in online betting by continuing to provide their services, as they do today, from their own platforms and websites, while Stoiximan’s management and operations remain autonomous.
The cost is approximately 8 times the EBITDA of 2017 and amounts to 50 million euros. With the new data, Stoiximan’s valuation exceeds 200 million euros.
Stoiximan’s success and sizes have often attracted interested investment schemes from abroad, but OPAP was preferred because of the strong desire to maintain the Greek character of the company and the complementarity of both companies in Greece (online-offline) and abroad (presence & Stoiximan technology). At the same time, this partnership shields their position in view of the opening of the market and the entry of international as well as domestic shapes.
OPAP gains know-how in the upcoming online market, completes its range of services in Greece, and gains access to foreign markets where Stoiximan is either dominant (Romania, Cyprus) or has established a consolidation plan (Germany, Austria).
Stoiximan now has the funds and the size necessary to enter and consolidate in even more markets abroad while speeding up its own technology development plan.
Damian Coop, CEO of OPAP among others, said: “The strategic investment in Stoiximan that we are announcing today is directly complementary to OPAP’s online activities and provides us with an online presence at international level. Stoiximan has become a successful online provider and we are happy to work together. ”
Stoiximan CEO George Daskalakis said: “OPAP’s strategic investment in Stoiximan, the largest online gaming company in Greece, is a practical recognition of the hard work of our 450 employees and its successful model of growth at the same time it demonstrates its dynamics as we enter the period of definitive regulation of the online gaming market in our country. ”
It is recalled that recently, as part of Stoiximan’s strategy for faster growth in overseas markets with Betano’s international brand (which is already active in Germany, Austria, Romania), Petra Zackrisson has announced Chief Corporate Development Officer in April 2018 he served as Vice President of Corporate Development at Betsson Group, one of the largest online gambling organizations worldwide.