Sazka acquired by PPF and KKCG

The financial groups PPF and KKCG have acquired bankrupt lottery giant Sazka through a tender. The committee of creditors has approved the arrangement. KKCG, a multinational financing group, and PPF, owned by Czech billionaire Petr Kellner, made the highest bid in the tender, 3.81 billion crowns. The Penta group, which boycotted the tender claiming it was illegal, offered five billion for Sazka outside of the competition and wants to contest the decision in court. Sazka creditor Česká Spořitelna is also criticising the tender.