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Alibaba looks to dominate Chinese lottery market with AGTech acquisition

7th March 2016 10:03 am GMT

Hong Kong-listed AGTech Holdings will become the exclusive lottery platform of Alibaba, once the Chinese e-commerce giant completes the acquisition of a majority stake in the lottery solutions provider.

Ali Fortune Investment Holding, which is 60 per cent owned by Alibaba and 40 per cent by Alibaba’s financial services arm Ant Financial, has agreed to acquire the majority stake in AGTech for approximately HK$2.39bn (€280.0m).

This comprises $1.68bn of AGTech shares and $712.6m of convertible bonds. Following [...]

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