500.com to acquire Multi Group
Online sports lottery provider 500.com has agreed a deal to acquire a majority stake in Multi Group, the company behind Multilotto, for approximately €49.8 million ($55.8 million).
Under the share purchase agreement, 500.com will acquire around 93% of the outstanding shares in Multi Group.
The deal remains subject to approval by the relevant regulatory authorities and customary conditions set out in the agreement.
In 2016, Multi Group generated unaudited net revenue of €10 million, up from the €4 million it collected in its launch year of 2015.
Unaudited net profit at the company last year came in at €5.4 million, which also represents an increase on the €1.2 million recorded in its first year of operation.
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