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Greece Privatises State Lotteries

Greece

The Greek Parliament just adopted a piece of legislation allowing the concession of the state lotteries to private investors. The concept of the concession was included in principle in the Government's privatisation portfolio, which was approved by the Parliament last July as part of the medium term plan measures; the next step of implementation of this project is expected very soon through an international tender to be launched by the newly established Hellenic Republic Asset Development Fund. Taxand Greece discusses the lottery portfolio and the likely next steps before publication of the international tender for a private firm to run the lotteries.

The portfolio of the State Lotteries includes five different lotteries (two of them are currently operational, namely, the National Lottery and the Popular Lottery). It is noted that the gross profits of the State Lotteries for 2010 amounted to approximately Euro 347,600,000 and their net profits to approximately Euro 82,200,000.

The next steps of this privatisation project include the establishment of an SPV (either by the State before the launch of the international tender, or by the winner of the international tender after the conclusion thereof), the launch of an international tender, and the execution of a concession agreement between the State and the SPV.

Taxand's Take


The basic terms of this privatisation project and of the concession agreement will be specified in the relevant tender document expected to be published soon.

Your Taxand contacts for further queries are:
Ilias Koimtzoglou
T. +30 210 6967000
E. i.koimtzoglou@zeya.com

Vassiliki Lazarakou
T. +30 210 6967000
E. v.lazarakou@zeya.com

Michalis Pattakos
T. +30 210 6967000
E. m.pattakos@zeya.com

Taxand's Take Author