French national lottery operator Française des Jeux (FDJ) has agreed to acquire online horse racing and sports betting brand ZEturf Group.
The transaction places ZEturf’s value at €175.0m (£152.7m/$181.0m), with FDJ saying that additional consideration may be paid depending on performance in 2023.
The announcement comes after FDJ in September entered into exclusive negotiations over a potential deal, with FDJ saying the purchase would form part of wider plans to expand its presence in France’s online gambling market.
Founded in 2001, ZEturf employs approximately 100 people and generated almost €50.0m in revenue during 2021.
“With this transaction and the launch of our poker range, which together strengthen our growth prospects, FDJ is optimally positioned to become a major player in the French market for online games open to competition, while remaining true to our recreational, responsible and redistributive gaming model,” FDJ chief executive and chairwoman Stéphane Pallez said.
ZEturf founder Emmanuel de Rohan-Chabot added: “12 years after online betting was opened up to competition in France, the tie-up between the ZEturf Group and FDJ Group’s online sports betting business marks a new stage in our development, bringing together the strengths of two complementary operators.
“It’s also an opportunity for our staff to bring their expertise to bear as part of a highly engaged, ambitious group and to benefit from the synergies created by this tie-up.”
