Intralot has confirmed that its Intralot Global Holdings subsidiary has acquired a 35% stake in sportsbook and casino platform Bit8.
Although the terms of the deal were not disclosed, it has been confirmed that the agreement includes a call option for Intralot to increase its participation in Bit8 up to 60% in the next two years if certain financial targets are met.
The deal also features a put option right for current shareholders to sell partially and during the next four years their remaining shares in Bit8 in case the agreed thresholds or certain specific business metrics (KPIs) are met.
As reported by iGaming Business, Intralot first entered into a partnership with Bit8 in February of this year in order to commence a joint development and marketing approach in the international online platform market.
Under the initial deal, which saw Intralot take a minority stake in Bit8, the two companies have been working to integrate the Bit8 platform with Intralot’s.
“We are very pleased to further our strategic cooperation with Intralot, which gives Bit8 the necessary global reach that will enable us to achieve our vision of offering the best gaming platform in the industry complemented with a wide range of professional services and solutions,” Bit8 chief executive Dr Angelo Dalli said.
Antonis Kerastaris, group chief executive of Intralot, added: “The first results of our cooperation with Bit8 are very positive and we are very pleased to announce today the acquisition of 35% of the company.
“This strategic cooperation is in line with our strategy to focus on the B2C gaming market, while we further expand our product portfolio, increase customer satisfaction and provide exceptional gaming experiences to players.”
