Sazka Group, one of Europe’s most successful lottery operators, has completed its acquisition deal with Novomatic Group for its stake in Casinos Austria
Lottery and sports betting giant Sazka Group has completed its acquisition of 17.19% stake in Casinos Austria shares previously held by Novomatic Group. This takes the Czech company’s stake to 55.48 %.
The agreement brought an end to three years of the businesses managing Casinos Austria through “a partnership of equals”.
Sazka chief executive Robert Chvatal said:
“Together with our fellow shareholders, we are looking forward to increasing the value of Casinos Austria – a treasured national brand - for the benefit of customers, employees, and most importantly of all, Austrian society.”
Sazka and Novomatic admitted that the joint control had not led to the expected results and growth growth for the business, and that it would be better served by a single leading shareholder.
The Social Democratic Party of Austria actually asked ÖBAG, which holds a 33% stake in Casinos Austria, to exercise its right of first refusal to buy Novomatic’s share, rather than let it be bought by a foreign business, but ÖBAG waived these rights.
Sazka’s Q1 consolidated gross gaming revenues decreased by 11% to €405m, primarily as a result of the impact of COVID-19 on land-based sales.
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