INTRALOT TO TAKE OVER THE MAJORITY IN TURKISH BILYONER
INTRALOT announces that, by utilizing its right of first refusal, it has entered into an agreement to acquire an additional stake of approximately 25.01% in its associated company Bilyoner, which would bring its total stake in the company to approximately 50.01%.
Bilyoner is a Turkish company that operates as an electronic agent offering the sports betting games of the state organization “SporToto” which contribute the majority of its sales and the Lottery games of the state lottery “Milli Piyango” through internet in the country.
The finalization of the transaction is subject to relevant approvals and a two-month grace period to the seller following the above agreement. The consideration for this stake will be approx. 10 million euro, implying an EV/Ebitda multiple of 2.7x on 2013 financials; moreover the company has approx. 8 million euro in cash and is debt-free.