Intralot Group announced plans to acquire a strategic stake in leading Bulgarian lottery Eurobet, via its Bulgarian subsidiary, BILOT.
Intralot will acquire a 49 percent stake in Eurobet, a company that offers to the Bulgarian market numerical games and scratch tickets through a network of 1,100 points of sale countrywide.
The firm already has strong presence in the country as 49 percent owner of Eurofootball, offering fixed odds and live betting through a network of 850 shops.
The completion of the acquisition, which is subject to regulatory approvals, is expected to occur by June 2016.
“We are proud to expand our presence in Bulgaria through acquiring a strategic share in Eurobet, a market leader in its sector,” said Antonios Kerastaris, Intralot Group CEO.
“The complementarity of the product offering between our companies will lead to strengthening our operations in a more consolidated market. This acquisition aligns with our business growth strategy to seal strategic partnerships with strong local players. Through synergies with Eurobet’s assets we will be able to further boost our operations in Bulgaria and sustain our leading position in the area.”
Eurobet CEO Millen Stamatov added, “Intralot’s strategic participation in Eurobet highlights our company’s ability to attract international investors and reinforces our position in the local gaming market. We are confident that Intralot’s global experience in our sector will further increase the value that we deliver both to our shareholders and the Bulgarian players.”
