OPAP Buyer Mulls Bond to Finance Acquisition
Thursday, 19 September 2013
Czech-Greek fund Emma Delta, the buyer of a stake in Greece's gambling monopoly OPAP, is contemplating a bond issue to finance part of the 652 million euro ($870.35 million) deal, Reuters reported, quoting sources close to the matter.
Emma Delta could finance the deal entirely with own funds, but is considering raising between 250 and 350 million euro through a bond to improve its equity return, one of the sources told Reuters.
Emma Delta, an equity fund controlled by Czech investor Jiri Smejc and Greek businessman George Melissanidis, agreed in May to buy from the Greek government 33% of OPAP, one of Europe's biggest listed betting firms.
The sale is expected to be finalized in early October after receiving regulatory approval by the European Commission
"Emma Delta has the full equity to complete the transaction," said an official close to the matter on condition of anonymity. "Nevertheless, it is exploring potential financing to take advantage of an attractive market for issuers."
OPAP’s market value stands at 2.5 billion euro.