Greece pushes for higher state lottery bid
Offer from consortium featuring OPAP Lottomatica, Intralot and Scientific Games falls short of asking price.
Greece’s privatisation agency has rejected a binding offer for the privatisation of the country’s state lottery, calling for a higher price to be offered by the consortium led by OPAP.
The Hellenic Republic Asset Development Fund’s (HRADF) board of directors met yesterday and decided to request a higher offer for from the consortium, which also features Lottomatica, Intralot and Scientific Games.
The bid, which will grant concession for the exclusive right to produce, operate, circulate, promote and manage the Greek state lotteries for a period of 12 years, must now be finalised by 12 December.
The privatisation is part of Greece’s efforts to raise fund in order to tackle its huge levels of national debt.
HRADF is also responsible for the sale of the Greek government’s 33% stake in gambling monopoly OPAP, with seven interested parties currently thought to be preparing binding offers.
Among the potential suitors is a consortium involving Playtech and German gaming machine manufacturer Gauselmann, and Fosun International, a Chinese business conglomerate with interests in and pharmaceuticals, property, steel, and mining.
Based on OPAP’s stock price, the government’s 33% stake is worth around 500m. Analysts have valued the stake, however at closer to 1bn given the operator’s market dominance and proposed plans to enter other regulated markets and diversify its offering into online gaming in the near future.