500.com has acquired The Multi Group Ltd.
500.com, a leading online sports lottery service provider in China, has acquired a 93% stake in The Multi Group via a share purchase agreement for a total cash consideration of approximately US$56 million.
500.com Limited (NYSE: WBAI) is a leading online sports lottery service provider in China. It offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that oversees the issuance and sale of sports lottery products in China.
Headquartered in Malta, The Multi Group operates Multilotto.com, which is considered one of the top online lottery betting and casino platforms in the Nordic countries where it holds substantial market share. Operating under a Curacao eGaming license, Multilotto offers players the ability to bet on the outcomes of several of the world’s largest lotteries through its proprietary and scalable platform. The Multi Group was recently granted remote gambling licenses from Malta, remote operating licenses from the UK and a remote bookmaker’s license from Ireland, all of which will further strengthen its market position and ability to rapidly expand into new geographic regions.
Oaklins' Shanghai-based and Swedish teams were the advisors on this transaction.
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