From Reuters – Greece on Monday completed the sale of a major stake in state-controlled gambling firm OPAP (OPAr.AT) to Greek-Czech fund Emma Delta, a condition of the country’s ambitious asset sales program under its multi-billion international bailout.
Athens sealed a deal to sell its 33 percent stake in OPAP to Emma Delta for 652 million euros ($870.52 million) in May but rows among opposing investors over the fees OPAP would pay its partners for technology and printing services delayed the deal.
Cash-strapped Athens is struggling to meet reform targets under its 240-billion-euro EU/IMF bailout and risks losing funding if it fails to comply with its lenders’ terms, which include the privatization of state assets.
OPAP is one of Europe’s biggest listed gambling companies, with turnover of about 4 billion euros. Its prospects have been clouded by a court appeal against its sports gambling monopoly and sharp tax increases imposed by the government.
