The PPF and KKCG Groups complete the acquisition of SAZKA, a.s.
The PPF and KKCG Groups announce the completion of the takeover of all betting and lottery activities from ‘SAZKA, a.s., in insolvency’ through Sázková kancelář, a.s., a joint venture 50:50 owned by PPF and KKCG. Through the joint venture, the PPF and KKCG Groups have bought the betting and lottery business of ‘SAZKA, a.s., in insolvency’ from the insolvency administrator in a tender process.
The transaction, which has now completed, has obtained all the required approvals and consents from the Office for the Protection of Competition and from the Ministry of Finance of the Czech Republic. Sázková kancelář, a.s. has therefore met all the conditions specified in the purchase agreement with the insolvency administrator of SAZKA, a.s. The shareholders of Sázková kancelář, a.s. subsequently appointed Kamil Ziegler as the company’s Chief Executive Officer with effect from
1 November 2011.
Jiří Šmejc, a shareholder of the PPF Group: “Through this acquisition we are again leveraging our key competence: to restructure companies and help them recover performance and return to profitability. Through this lottery business we will also build on our ability to attract retail clients and encourage increased sales, which we have successfully demonstrated in various retail and financial services businesses.”
Pavel Šaroch, CIO, KKCG Group: “Today marks the beginning of a new era for the lotteries and betting games operated by SAZKA. Under the new owners, these games have acquired certainty and remarkable financial stability. In our position as one of the new owners we will use our extensive experience of restructuring to improve efficiency and achieve profitability just as we have demonstrated through a number of investments in both industry and tourism in the past.”