Playtech Founder Sets Sights on Greece's OPAPPublished November 30, -0001 by OCR Editor
Teddy Sagi preparing to buy Greek government’s stake in betting company.
Playtech founder and controlling shareholder Teddy Sagi has set his sights on acquiring control of the largest betting company in Europe, Greece's OPAP, according to reports.
The Greek government recently announced its intention to sell its 34 percent stake in the company, estimated to be worth around 1.5 billion euros, as part of its broader plan to tackle the country's ongoing economic crisis.
According to the report, Sagi - who holds a 40.4 percent share in software development company Playtech - is already in talks to acquire the Greek company together with at least one other investor.
One of the possibilities believed to be on the table is a merger between Playtech and OPAP, although this is considered less likely because of the need of the Greek government for instant funds. The government is believed also be considering selling just a portion of its stake in OPAP.
Founded in 1958 as a state-owned company, OPAP manages lottery and sports betting games in Greece and recorded 5.441 billion euros in revenue in 2009, for an overall profit of 594 million euros.
The company is also the major sponsor of the national Hellenic Football Federation until 2012.