OPAP is the leading lottery company in Greece and one of the most renowned in its industry worldwide. OPAP appointed BBSL to advice it on appraising a potential investment in Altala Group Ltd (UK), a newly established lottery company whose mission was to establish and manage The Health Lottery on behalf of 31 Community Interest Companies (CICs) in the UK.

Actions undertaken by BBSL as adviser to OPAP:

• Reviewed the UK lottery market and the positioning of The Health Lottery vis-à-vis other lotteries in the market

• Evaluated the business plan of Altala Group and undertook a SWOT analysis, liaising with JP Morgan, Altala Group’s advisors as well as the company itself.

• Evaluated Goldman Sachs’ valuation of Altala Group and undertook its own valuation of Altala Group.

• Submitted a recommendation to the Board of OPAP on the merits of an investment in Altala Group.

BBSL advised OPAP against an investment in Altala Group due to a variety of reasons which it outlined in its report, an advice which OPAP’s Board of Directors followed.

Altala Group was liquidated 2 years after BBSL’s recommendation against the investment.