Brazil – Intralot to sell its stake in Intralot do BrasilBy Phil - 19 May 2021
Greek betting giant Intralot has confirmed it has reached a binding agreement with Saga Consultoria e Representações Comerciais e Empresariais in Brazil to sell its entire stake in Intralot do Brasil Comércio de Equipamentos e Programas de Computador, representing 80 per cent of the company’s voting capital.
SAGA is the only other shareholder of Intralot do Brasil holding 20 per cent of the company. Intralot will continue to provide its gaming technology to Intralot do Brasil following the closing of the transaction. The total cash consideration for the stake sale amounts to €700,000. Intralot do Brasil contributed 0.5 per cent of Intralot Group EBITDA in 2020. It operates lottery games in the State of Minas Gerais, the second most heavily populated state in Brazil, under a license agreement. Currently Intralot do Brazil, the local subsidiary, operates six games through a network of more than 1,800 locations.
Closing of this transaction is subject to the completion of certain condition precedents standard for this kind of transactions. The company will follow-up with further announcements upon the definite finalisation of the transaction, as required by regulation.