The Race to Invest in Greece’s OPAP

Greece is set to sell off a number of major assets in an effort to curb their drastic recession and stick to their austerity plan. The first major sales will include gambling company OPAP, state gas business DEPA and a number of real estate projects. These sales are projected to be completed as early as the first quarter of 2013.

Greece’s privatization agency has just announced that there are eight potential investors who have shown interest in paying a majority stake in OPAP. These include private equity firm BC Partners and private equity firm TPG Capital. It also includes fund Emma Delta Ltd and hedge fund Third Point. Others who are interested include China’s Fosun International, Estonia’s Playtech and Germany’s Gauselmann.

The agency has reported that the advisers plan to examine the interest and send recommendations to the board within the next few days. They will then move ahead with the next phase of the tender, and it’s anyone’s bet whether the private equity firms, China’s investors or other interested parties will be at the top of the list.

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