ATHENS--Greece has accepted an improved bid for the state
lottery from an international consortium led by OPAP SA (OPAP.AT)
which could net the country 1.5 billion euros ($1.94 billion) over
the next 12 years, the agency overseeing the privatization program
said Wednesday.
The consortium, which also Lottomatica SpA (LTO.MI), Intralot
Lotteries and Scientific Games Global Gaming, will have the
exclusive right to produce, operate, circulate, promote and manage
the country's state lotteries for 12 years.
"Both the price and the range of companies that undertake the
management of State Lotteries are considered satisfactory," said
Ioannis Emiris, Chief Executive of the Hellenic Republic Asset
Development Fund.
The bid amounts to EUR190 million, while the agreement also sets
out that 30% of annual gross gaming revenue will go to the Greek
state.
This is one of the first concrete steps undertaken by Greece in
almost two years to push forward its long-delayed privatization
program.
Greece has only raised about EUR1.6 billion since its first
bailout loan in May 2010 and has acknowledged that it will miss
this year's goal of EUR3 billion from the sale of state assets.
The country's early goal of raising a mammoth EUR50 billion by
2019 has been repeatedly scaled back. Greece will now aim for
EUR11.1 billion in privatization proceeds by the end of 2016 and
EUR50 billion at some indeterminate time in the future.
Write to Nektaria Stamouli at nektaria.stamouli@dowjones.com
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