Clifford Chance and Freshfields Bruckhaus Deringer have landed roles on the Greek government’s first major asset privatization following last year’s $173 billion bailout: the sale of a 33 percent stake in a state-owned gambling monopoly to Greek-Czech investment fund Emma Delta for $861 million.
In announcing the deal involving the Greek Organization of Football Prognostics (OPAP) this week, the Greek government hailed Emma Delta’s investment as a milestone in the Hellenic Republic’s efforts to slash its mammoth debt load. Proceeds from the sale of OPAPwhich sponsors the countrys top basketball league and is virtually synonymous with Greek sportswill go toward the estimated $3.5 billion that Greece must raise via asset sales this year in order to avoid additional austerity measures, according to Bloomberg.
