SAZKA set to increase stake in Casinos Austria to over 50%

European lottery and gaming operator SAZKA Group is set to become the largest shareholder in Casinos Austria following an agreement with Austrian state holding company Österreichische Beteiligungs AG (ÖBAG).

SAZKA and ÖBAG said Friday that they have agreed to jointly control Casinos Austria, with ÖBAG waiving its pre-emption rights on 78 per cent of Novomatic’s 17.2 per cent shareholding in Casinos Austria.

Novomatic agreed a deal late last year to sell the stake in Casinos Austria to SAZKA, subject to shareholder approval and other regulatory conditions.

With Friday’s agreement, ÖBAG will continue to hold a 33.2 per cent stake in Casinos Austria, clearing the way for SAZKA to acquire Novomatic’s 17.2 per cent stake and increase its shareholding to over 50 per cent.

SAZKA said that the agreement with ÖBAG will enable them to strengthen the governance of Casinos Austria and ensure its future development.

“Both ÖBAG and SAZKA Group are committed to working together to further increase the value of CASAG,” the companies said.