The Hellenic Republic Asset Development Fund (HRADF) has accepted an improved bid of EUR652m (USD858.6m) for a controlling stake in Hellenic Football Prognostics Organisation SA (OPAP) by Greek-Czech investment fund Emma Delta, the privatisation agency said in a statement.
HRADF had invited Emma Delta, the sole bidder for the 33% stake in the gambling operator plus management rights, to increase its initial offer of EUR622m, which was considered too low. The investment fund had until Wednesday to come up with an improved proposal.
Under the transaction, which is contingent on regulatory clearance, the Greek government will also be paid a EUR60m dividend for last year.
The privatisation of OPAP was completed successfully on Wednesday, Bloomberg quoted Greek finance minister Yannis Stournaras as saying.
The Emma Delta consortium consists of Greece’s Melissanidis Group, Czech private equity firm PPF Group NV and Italian gaming group Lottomatica Group SpA (BIT:LTO).