French racing operator Pari Mutuel Urbain (PMU) has acquired a majority stake in horse racing operator German Tote.
Under the agreement, the terms of which were not disclosed, PMU will become a majority stakeholder in the German company alongside BGG, which operates a number of racecourses in the country.
German Tote recorded a turnover of €234m in 2014; the deal enhances an ongoing relationship between the two groups, under which German players have been able to place bets on French horse races.
Xavier Hürstel, president and chief executive of PMU, said: “The acquisition of German Tote will allow us to become an operator in the Germany horse racing sector, a market that we believe offers strong development potential
“It forms part of our ‘PMU 2020’ strategic plan and supports our proactive policy of international development.”
source : www.igamingbusiness.com