Greece Concludes Privatization of Betting Monopoly OPAP

    By Nektaria Stamouli

    ATHENS--The privatization of state-controlled betting monopoly OPAP SA (OPAP.AT) concluded Wednesday, marking the kick-start of the country's much delayed privatization program, as Czech-led consortium Emma Delta raised its offer to meet Greece's demand, the country's privatization agency said.

    "The consortium Emma Delta, in response to [the privatization agency's] request, submitted [Wednesday] a bid improved by 30 million euros ($39.6 million) for the acquisition of 33% stake of OPAP, thus forming the bid at EUR652 million," the privatization agency, or TAIPED, said in a statement.

    Greece will also retain dividends from 2012 of EUR60 million, bringing the total bid up to EUR712 million, the statement adds.

    Athens demanded a higher bid of at least EUR650 million, which was the value of the company according to an independent assessment.

    "The first big privatization in our country was completed successfully," Finance Minister Yannis Stournaras said in a statement.

    The Emma Delta consortium is 66.7% owned by Jiri Smejc, a partner in Czech private-equity fund PPF, and 33.3% owned by Greek businessman George Melissanidis.

    The bid needs to be reviewed by Greece's Court of Auditors, a procedure that could take several weeks, TAIPED said.

    Write to Nektaria Stamouli at