Erste Bank sells its stake in Österreichische Lotterien to Novomatic

Erste Bank der oesterreichischen Sparkassen AG has accepted a binding offer from Novomatic AG for its 5.06% stake in Österreichische Lotterien Gmbh (ÖLG).

The relevant contract was signed subject to pre-emptive rights and to internal (formal) resolutions. Agreement was reached not to disclose the purchase price. The price is oriented on the indicators for the enterprise value of the CASAG/ÖLG Group within the scope of the transfer of the LÖG shares of Münze Österreich to Österreichische Bundes- und Industriebeteiligungen GmbH (ÖBIB).

The sale was an obvious move for the Chairman of the Board of Erste Bank, Thomas Uher. “The change in the ownership structure gave us an opportunity to sell an investment that did not belong to our core business. As a bank, we want to take care of our customers and not manage investees”.

Erste Bank held an indirect share via two intermediate holdings: Lotto Toto Holding GmbH (32% direct shareholders of ÖLG) of around 5.06%.

The transaction is planned to be finalized in the summer.