OPAP confirmed today (20 April) it would sell its 36.75% stake in the business to Allwyn, formerly known as Sazka, for an upfront cash consideration of €50m paid on a debt-free and cash-free basis, with further earnouts for undisclosed amounts payable in 2023, 2024 and 2025.
OPAP said the purchase price corresponds to the fair market value of its stake in the Betano business, as evaluated by an independent financial adviser.
The brand made an EBITDA loss of €0.4m for OPAP in the full year 2021.
The transaction reflects OPAP’s strategic focus on maintaining and strengthening its leading position in the Greek and Cypriot online gaming markets, the operator said.
OPAP will retain its 84.5% combined stake and sole control over Stoiximan Limited, which operates Kaizen Gaming’s online gaming business in Greece and Cyprus under the Stoiximan brand.The closing of the transaction is conditional upon receipt of all required regulatory approvals and the corporate separation of the Betano business from Kaizen Gaming’s activities in Greece and Cyprus, which are represented by its remaining stake in Stoiximan.
Betano offers online sports betting and iGaming built on its proprietary technology platform. The brand is currently available in seven markets, with a particularly strong presence in Romania and Portugal.
The operator plans to list on the New York Stock Exchange this year in partnership with blank cheque company Cohn Robbins Holdings Corp (CRHC).
A transaction between Allwyn and the special purpose acquisition company (SPAC) has been unanimously approved by the board of directors of both businesses, and is expected to close in Q2 2022 subject to further approvals and customary closing conditions.
The listing is expected to give Allwyn a total enterprise value of around $9.3bn.