BC bets on Greek casinos

London-based LBO firm BC Partners has agreed to acquire a majority stake in hotel and casino operator Hyatt Regency.

BC Partners is to buy a majority stake in Greek casino operator Hyatt Regency from Hellenic Casinos, according to press reports.
 
The firm is to pay €11 per share for a 51.57 percent stake in Athens-listed Hyatt. The company has a market cap of €950 million ($1.14 billion), according to Reuters.
 
Greek law requires any buyer who acquires more than 51 percent of a listed company to tender for the outstanding shares. Approval from the EU competition commission will thus be followed by a bid to acquire the company’s remaining equity.
 
Hyatt Regency has operated casinos in Thessaloniki in northern Greece since 1996, and also operates several hotels in the country. It listed on the Athens stock exchange in 1999.
 
In November the company launched a casino in Tirana, Albania, in which it owns a 30.5 percent shareholding.
 
BC Partners has been interested in the gambling sector for some time. Last month it was understood to have bid for UK bookmakers Ladbrokes, and has previously shown an interest in betting shop operator Coral and Bingo company Gala.