PPF Group announces sale of 50% interest in Sazka to KKCG Group
10/15/2012
PPF Group announces the sale of its 50% interest in Sazka sázková kancelář, a.s. to KKCG Group. This is the result of a mutual arrangement between the current shareholders of Sazka. Neither the price nor other details of the transaction will be disclosed. The closing of the transaction is subject to approval from the relevant competition authorities. The transaction has no bearing on either Group's commitment as part of the Bestsport restructuring.
“This is a sound investment decision from PPF’s viewpoint. Within a year, we have managed to renew trust in Sazka, which once again controls more than 90% of the lottery market, in effect increasing considerably the value of PPF’s stake. We are convinced that KKCG will continue developing Sazka successfully,” Martin Štefunko, Chief Investment Officer and a member of PPF’s top management, said about the deal.
Sazka’s core business is the operation of lotteries and similar games. Its principal products are numerical lotteries, the most popular one being Sportka. The company provides its products through a unique sales network of 6,500 points of sale spread all over the Czech Republic. In the spring of 2011, Sazka sázková kancelář, a.s. took over the business of SAZKA, a.s., which was undergoing bankruptcy proceedings due to a long-term inability to repay its debts, after winning a competition process on 1 November last year.
“This is a sound investment decision from PPF’s viewpoint. Within a year, we have managed to renew trust in Sazka, which once again controls more than 90% of the lottery market, in effect increasing considerably the value of PPF’s stake. We are convinced that KKCG will continue developing Sazka successfully,” Martin Štefunko, Chief Investment Officer and a member of PPF’s top management, said about the deal.
Sazka’s core business is the operation of lotteries and similar games. Its principal products are numerical lotteries, the most popular one being Sportka. The company provides its products through a unique sales network of 6,500 points of sale spread all over the Czech Republic. In the spring of 2011, Sazka sázková kancelář, a.s. took over the business of SAZKA, a.s., which was undergoing bankruptcy proceedings due to a long-term inability to repay its debts, after winning a competition process on 1 November last year.