Frankfurt-listed lottery provider Zeal Network has secured a major milestone in its planned takeover of Lotto24 after being granted permission to broker lottery tickets online in Germany through its Tipp24 business.
The Lower Saxony Ministry of Interior granted Lotto24 a supplement to its existing brokerage permit which allows for lottery tickets to be sold via Tipp24.de and Tipp24.com, on behalf of the German state lottery companies.
This means a significant condition for the completion of the takeover offer for Lotto24 has now been satisfied.
"This is a key building block in our journey to reunite with Lotto24, transform Zeal's core German business model and accelerate growth in the online lottery market in Germany and beyond,” said Zeal CEO Helmut Becker. “It is good news for customers, shareholders and the German Federal States and their lottery beneficiaries.
“We look forward to working in partnership with Germany's state lotteries and thank the authorities and the Gambling Council for their supportive and collaborative approach. We encourage Lotto24 shareholders to continue tendering their shares and to join us on this exciting journey."
Shares in Zeal Network SE (FRA:TIM) were trading up 0.64 per cent at €23.65 per share in Frankfurt Tuesday morning.