OPAP complete Stoiximan investment

Business News

Further to its announcement of 24 September 2018, OPAP has announced that its 100% subsidiary, OPAP Investment Ltd following the conclusion of its due diligence exercise, agreed to acquire the 51% of Stoiximan Group’s Greek and Cypriot operations under GML Interactive Ltd, 100% subsidiary of TCB Holdings Ltd, for a total consideration of Euros 94.86 million, plus net cash as of the closing date.

The conclusion of this transaction, that will give to OPAP joint control together with two shareholders of TCB in Stoiximan Group’s Greek and Cypriot operations, is subject to clearance by the competent gaming regulatory and anti-trust authorities.

Stoiximan Group generated revenues of Euros 136 million and EBITDA of c. Euros 16 million in 2017. Revenues increased further in the first 11 months of 2018 (+30% y-o-y), demonstrating significant growth across all jurisdictions, while the active customers’ base has also climbed by 29% vs. 2017. Stoiximan’s strategy remains focused on strengthening its position in the domestic market and intensifying  its technology orientation, while at the same time actively pursuing further expansion