Online Bingo News - Sazka AS Sold to KKCG
18th of October 2012 - latestbingoobonuses.com
A report arrived this week that Czech financial group PPF AS has decided to sell its 50 percent stake in lottery and betting firm Sazka AS to SÁZKOVÁ KANCELÁ, a.s. (KKCG).
The consideration paid for the takeover remains undisclosed, and the whole transaction will become formal only when it receives approval from the Office for Protection of Economic Competition.
In the meantime, the companies reminded that the initial sale was conducted through a bidding process in Sept. 2011, which was facilitated by the Company's insolvency administrator Josef Cupka.
Back then, the company was purchased by PPF AS and KKCG, who submitted a joint bid of 3.810 billion Czech Koruna, becoming two of Sazka's largest creditors. What’s interesting about the KKCG’s acquisition of Sazka is KKCG's business focus is on Oil and Gas.
The new development was assessed by PPF investment director and executive board member, Martin Stefunko in the following way: "From the PPF's point of view, this is the right investment decision. In one year, we have managed to renew confidence in Sazka which again controls over 90 percent of the Czech lottery market so PPF's stake can be sold at a very good price."
On the other side, KKCG manager and board member Pavel Saroch said: "For Sazka, time for expansion now comes after its stabilisation. Sazka is a very strong platform for long-term development for us, not only in the lottery area but also in other retail businesses on the Czech market."
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