The Hellenic Republic Asset Development Fund (TAIPED) transferred today, after having secured all necessary approvals, a 33% stake in OPAP to the Emma Delta fund. The Emma Delta had clinched a deal with the Hellenic Republic Development Fund S.A (TAIPED) for the purchase of a 33% stake in OPAP at a cost of 652 million euros.
Last week Emma Delta financed the acquisition of a stake in OPAP with 400 million dollars of senior secured notes. These notes will be used in combination with the 272 million euros which the individual investors provided to Emma Delta in order to buy the 33% stake in OPAP.
Selling state assets is a key condition of Greece’s 240 billion-euro bailout. The purpose of government is to raise 1,6 billion euros from privatization only for 2013.
“New private management could drive innovation; accelerate the roll-out of new games; optimize the capital structure, and press harder for cost savings on all fronts: the market has already started to discount such prospects. In addition, the successful completion of this sale represents a flagship deal in Greece’s long-delayed privatization agenda highlighting the government’s commitment to its promises, while foreign investment acts as a broader vote of confidence for the Greek economy”, Pantelakis Securities adds.
The financial advisors of OPAP are Deutsche Bank AG London Branch και NBG Securities.
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