Greek gambling company OPAP has signed an agreement to purchase a 36.75% stake in TCB Holdings, the parent company of the Stoiximan Group. The deal, although still in its preliminary phase, is reportedly worth $58 million.
TCB is an online gaming operator that has a presence in Greece and Cyprus through the Stoiximan brand. Greece and Cyprus are two of the core customer bases for OPAP, making the acquisition a logical choice for OPAP’s continued expansion plans. TCB also has a presence in Germany and Romania through Stoiximan.
OPAP said that it will also take control of Stoiximan’s activities in Greece and Cyprus; however, this is subject to a “number of previous conditions.” The conditions include regulatory approval and a due diligence survey, both of which must be completed before the terms of the investment can be finalized.
Stoiximan took in a total of €136 million (US$159.99 million) in revenue in 2017 and EBITDA (earnings before interest, taxes, depreciation and amortization) of €16 million (US$18.8 million). CEO Giorgos Daskalakis said of the deal, “This partnership strengthens Stoiximan’s leadership position in Greece and at the same time allows us to accelerate our growth plan in foreign markets as well as to step up our basic orientation for development in the field of technology.”
OPAP is on a mission to exploit the “most modern digital and technological capabilities.” The company’s managing director, Damian Coop, explained, “Strategic investment in Stoiximan is directly complementary to OPAP’s online activities and provides us with an online presence at an international level.”
He added, “With the ambition to establish OPAP as a world-class entertainment and gaming company, we know that we have to offer our customers an attractive and competitive online poker experience. The upcoming operation of our new online sports betting platform, Pamestoixima.gr, is the first step in this direction. Also, within the next 12 months, our intention is to add additional products to the Internet channel. The new platform will offer competitive returns to our customers in Greece and will generate additional commission revenue for our network agents.”
OPAP is expected to launch Pamestoixima.gr in the next couple of days.