Online sports lottery technology provider 500.com has attempted to acquire land-based lottery technology firm MelcoLot.
The Shenzhen-based 500.com has reached a share purchase agreement with Melco LottVentures Holdings, a subsidiary of MelcoLot International Development to acquire roughly 40.65 per cent of MelcoLot’s issued share capital.
The total consideration of the deal is approximately HKD322.2m (US $41.3m).
The share sale represents the sum total of Melco International’s holdings in MelcoLot and the company will have no further involvement in the company once the sale concludes on June 6.
