Chinese online sports lottery service provider 500.com Limited has entered into an agreement to purchase from Melco LottVentures Holdings Limited an aggregate of 1,278,714,329 shares of MelcoLot Limited.
The shares represent approximately 40.65% of MelcoLot’s existing issued share capital, with the total consideration for the sale shares being around HK$322.2 million (US$41.3 million), equivalent to approximately HK$0.252 per Sale Share.
In an announcement on the Hong Kong Stock Exchange, Melco International Development Ltd confirmed that the MelcoLot Sale Shares represent all the MelcoLot Shares it previously owned, with the Group to cease having any interest in MelcoLot once the sale is complete.
The agreement comes just days after 500.com agreed to acquire 93% of Mulitlotto operator The Multi Group Ltd – a top online lottery betting and online casino platforms in Nordic countries – in a deal with US$56 million.
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