Under the deal, which was brokered by Lottomatica’s GBO subsidiary, the operator will take ownership of 100% of the share capital of Betflag.
Lottomatica said it expects to finalise the acquisition in the coming days, with the entire purchase price to be paid on the date of completion. A further €50m may also be paid in 2024 contingent upon Betflag’s financial performance in the 2023 calendar year.
The purchase will be financed with the release from escrow of proceeds from Lottomatica’s senior secured notes issued in September.
“The transaction allows Lottomatica Group to consolidate its presence in the Italian market, particularly strengthening its position in the online casino games sector and represents a key milestone for the group’s multi-brand strategy, aimed at ensuring full coverage of the different product verticals and the different player clusters,” Lottomatica said.