Novomatic AG has agreed to sell to the Czech gambling conglomerate SAZKA Group its 17 percent stake in Casinos Austria.
Novomatic confirms that it has reached a binding agreement with SAZKA on the basis of regulatory approvals by issuing a short statement.
After securing majority investment rights in the leading DACH region land-based casino operator, SAZKA will increase its shareholding in Casinos Austria to 55 percent (formerly 38 percent).
Novomatic confirms that it will retain an 11% stake in Österreichische Lotterien, the ‘Austrian Lotteries’ operating company, in which it will retain its representation on the board of the subsidiary of Casinos Austria
Harald Neumann, CEO of Novomatic AG, said: “The previous ownership structure has not led to any satisfactory development of Casinos Austria, and as the smallest major shareholder, we have decided to sell our shares in order to give Casinos Austria a clear and sustainable strategy so that the company can meet the long-term challenges of the national and international markets is prepared for global markets.”
The deal sees SAZKA group regain its influence in M&A, this summer having restructured its ownership structures. Led by a new investment team, SAZKA increased its shareholding in the Greek lottery operator OPAP to 40%, as the company sees further opportunities for European investment gambling.
Robert Chvatal, CEO of SAZKA Group, added: “We are convinced that this is the best solution for the company. We want to secure CASAG stable positive development in a long-term partnership between its two largest shareholders.
“We are committed to working together with ÖBAG and the CASAG team to ensure sustainable development for the benefit of our customers, employees and business partners. We are prepared to focus on CASAG’s core business and bring innovation to market. “