Intralot pays 10m for controlling stake in Turkish operator
Greek lottery operator takes up option to effectively double stake holding in Bilyoner to 50.01%
Intralot has taken a controlling stake in Turkish online sports betting company Bilyoner after increasing its stake holding in the firm to 50.01% for a payment of 10m.
The Greek lottery and gaming operator already held a 25% stake in the company and has now exercised a right of first refusal on the additional 25.01%.
The completion of the deal is subject to the relevant approvals and a two-month grace period afforded to the seller.
Bilyoner operates as an electronic agent offering sports betting games for the state organisation SporToto, which in turn provides online lottery games for Turkey’s Milli Piyango national lottery.
According to Intralot, Bilyoner has approximately 8m in cash and is debt free.
The news comes after Intralot last month posted a strong set of H1 results with key financial metrics EBITDA and revenue rising 20% and 4% respectively.
The operator saw EBITDA rise to 97.6m for the six months ending 30 June, up from the 81.4m recorded for the corresponding period in 2012. Meanwhile, turnover rose from 687.3m to 717.2m.