Fortuna Entertainment completes acquisition of Czech lottery supplier
18th July 2014 7:41 am GMT
Central European land-based and online betting operator Fortuna Entertainment has completed the acquisition of INTRALOT Czech, a subsidiary of the Greek lottery giant and supplier of lottery technology to Fortuna in the Czech market.
Fortuna revealed earlier this year that it had initiated negotiations with INTRALOT concerning a potential acquisition of INTRALOT Czech, which owns 2,500 lottery terminals for numerical games and instant lottery games offered by Fortuna.
The transaction allows Fortuna to take over the hardware components (terminals) for the sale of lottery products in the Czech Republic.
The operator confirmed this week that it has now completed the acquisition of the lottery supplier via its Fortuna Game subsidiary, for an undisclosed amount. The deal will be financed by a bank debt with Česká spořitelna, Fortuna’s financing bank.
“Acquisition of the INTRALOT Czech branch has been an integral part of restructuring of our lottery project,” said Radim Haluza, CEO of Fortuna Entertainment. “In a short period of time, it will enable us a faster growth of profits and overall, a more flexible development of our lottery products.”
Fortuna said that the company’s name will be changed in line with the purchase agreement.
The company will continue its cooperation agreement with INTRALOT, mainly in the area of software and apps development for the lottery terminals.
Shares in Fortuna Entertainment Group (Co. Data) (PRA:FOREG) have dropped 1.54 per cent to CZK127.50 per share in Prague this morning.
