OPAP acquires the remaining 15.51% stake in Stoiximan

OPAP has announced the acquisition of the remaining 15.51% stake in Stoiximan for a consideration of €191.6 million on a cash-free debt debt-free basis, plus an adjustment for net cash as of the closing date, increasing its ownership in the Company to 100% (full acquisition).

As noted in an OPAP announcement, "The investment further strengthens OPAP’s leading position in Greece and Cyprus, while also intensifying its strategic focus on online sports betting and iGaming segments."

Jan Karas, OPAP Chairman & CEO commented, “The investment in Stoiximan has greatly contributed to solidifying OPAP’s position in the Greek and Cypriot online markets. I am therefore very pleased with the recent transaction, which further expands our footprint in the fast-growing online market. Looking forward, we are confident that our dual brand strategy will remain effective and both our brands, Stoiximan and Pamestoixima.gr, will sustain their growth momentum.”

Nikos Fligos, STOIXIMAN CEO commented, “This milestone marks a new chapter in Stoiximan’s journey. With the dedication and passion of our 300-strong team, who are the driving force behind our market leadership, we remain fully committed to delivering outstanding experiences to our customers, shaping the future of online gaming in Greece and Cyprus.”

The announcement continued, "OPAP initially invested in Stoiximan in 2018, prompted by its high-growth potential, and gradually increased its stake through two subsequent transactions in 2020. Today, Stoiximan holds an undisputed leadership position in the fast-growing online market, validating OPAP’s strategic investment over the years."

It noted that, "Stoiximan will continue to be supported by Kaizen Gaming with cutting-edge technology and a differentiated product offering, ensuring a seamless user experience, top-notch reliability and innovation."

Completion is anticipated in the third quarter of 2025, subject to approval from the Cypriot regulatory authorities.

OPAP and Stoiximan will continue to operate as separate businesses under their distinct licenses, brands and management teams, the announcement also said.