French betting and gaming operator Pari-Mutuel Urbain (PMU) continues to execute on its strategy to expand the business internationally, acquiring a majority stake in its long-term partner, Germany’s leading horse racing operator German Tote.

The deal sees PMU acquire its second foreign subsidiary, after the purchase of Belgium’s Eurotiercé in 2013, and become German Tote’s principal owner.

German racecourse operator BGG Betriebsgesellschaft der Galopp-Rennvereine mbH, which previously owned 100 per cent of German Tote, retains a minority holding in the business.

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