Bawag sells stake in lottery operator to Casinos Austria

Vienna (Thomson Financial) – Bawag P.S.K. sold its 36 pct stake in Austria’s monopoly lottery operator Oesterreichische Lotterien GmbH to Casinos Austria AG.

Bawag sold the stake as part of its sell-off of non-banking assets following its takeover by US hedge fund Cerberus Capital Management last December.

The financial terms of the transaction were not released, but previous media reports pegged the value of Bawag’s stake at around 200 mln eur.