PPF, KKCG win tender for Czech bankrupt lottery firm Sazka with EUR 154mn offer.

By bne IntelliNews September 27, 2011
Czech financial group PPF and KKCG have won a tender to buy bankrupt lottery firm Sazka submitting the highest offer of CZK 3.81bn (EUR 154mn), Hospodarske Noviny reported citing Sazka bankruptcy administrator Josef Cupka. The winners, which are Sazkas largest creditors, signed the sale contract with Cupka. The deal is subject to anti-monopoly approval. Sazkas another debtholder Penta said it will challenge the sale in court as the tender conditions were not fair and transparent. Penta, owner of Sazka's main competitor Fortuna, did not take part in the tender but sent an official offer to Cupka saying it is willing to buy the lottery company for CZK 5bn. Czech bank Ceska Sporitelna, another Sazca creditor, has also protested the tender conditions. Sazka was declared bankrupt in May. The company ran into debt during the construction of a sports arena in Prague to host the 2004 Ice Hockey World Championship. The project cost Sazka CZK 7.2bn. Sazka controls 94% of the domestic lottery market, and more than 6% of the gaming market

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