Greek lottery giant Intralot has reached a binding agreement to sell its entire stake in its Brazilian business to Saga Consultoria e Representações Comerciais e Empresariais for €700,000 (£602,590/$848,545).
Intralot currently holds an 80% stake in the Intralot do Brasil operation, while Saga owns the remaining 20%.
Should the deal gain the relevant approvals, Saga would take full control of the business, but Intralot would continue to provide its gaming technology to Intralot do Brasil.
Intralot said the Brazilian operation contributed 0.5% of its group earnings before interest, tax, depreciation and amortisation (EBITDA) in 2020.
As reported earlier this month, Intralot’s EBITDA in 2020 amounted to €66.2m, while revenue for the year reached €292.9m and gross profit €75.3m.
The deal comes after Intralot in February also completed the sale of its 20% stake in Intralot de Peru SA to private equity firm Nexus Group.
The original deal saw Nexus agree to pay $21.0m to take ownership of the stake, but after taxes and transaction expenses, the final value of the transaction was $16.2m.