U.S. hedge fund Baupost Group has acquired a 5.2% stake in Greece’s state-owned gambling monopoly OPAP SA (OPAP.AT), the Greek company said Tuesday, ahead of the planned privatization of the gaming provider.
OPAP said in a regulatory filing that Baupost Group holds 16,554,553 shares, exceeding the 5% reporting threshold under Greek law.
Greece’s cash-strapped government owns a 33% stake in OPAP and wants to sell it early this year. The government hopes to raise as much as an estimated 1 billion euros ($1.35 billion) from the sale. Seven potential investors have been cleared to participate in the next phase of the tender sale.
(source: dowjones)
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