Greek lottery and betting technology company Intralot has announced plans to acquire a 20.6 percent stake in Hong Kong-listed Melco LottVentures (MLV) Limited for $38.4 million through its Intralot International subsidiary.
Athens-based Intralot revealed that the investment represented a strategic move to capitalise on the many opportunities presented by the Chinese market along with those in other regions of Asia. In addition, parent firm Melco and Intralot revealed that they intended to enter into additional discussions in the future regarding a further increase in the Greek firm’s participation in MLV.
Following the acquisition, MLV will promote the Chinese version of Intralot’s Lotos O/S and Gameware application software for lotteries and fixed-odds sportsbetting along with its Coronis family of terminal application software and monitor games.
“This significant acquisition and strategic cooperation further strengthens our considerable position in Asia where we have presence in five Asia-Pacific countries,” said Constantinos Antonopoulos, Chief Executive Officer for Intralot.
“We are confident that through this partnership, we will be successful in the highly promising Chinese market, one of our primary strategic goals in Asia-Pacific. By pooling the experience, reputation and expertise of our new distinguished partners and utilising the existing business relationships that MLV has established with the two official lotteries of China, Intralot will be able to bring world-class products and services into the lucrative Chinese gaming industry.”
Despite the purchase, Melco is to remain the largest shareholder in MLV followed by Intralot while Firich Enterprises Company Limited also holds a notable percentage.
“We are happy to see this transaction strengthening the company with Intralot’s distinctive technical and operational know-how, which is a great advantage in the Chinese lottery market,” said Henry Ko, Chief Executive Officer for MLV.
“Benefiting from the long-term alliance with Intralot and its recent acquisitions in the region, we expect MLV to achieve further success in the lottery market in Asia.”