500.com purchases shares in MelcoLot

Online sports lottery provider 500.com has followed up on its recent acquisition of a majority stake in Multi Group by purchasing shares in MelcoLot Limited.

Under the conditional deal, 500.com will acquire an aggregate of 1,278,714,329 shares in the company from Melco LottVentures Holdings Limited for around HK$322.2m (€37m/US$41.4m).

The agreement represents approximately 40.65% of MelcoLot's existing issued share capital as of the date of this announcement.

Closing of the acquisition of the sale shares remains subject to certain conditions set out in the share purchase agreement.

The deal comes after 500.com also recently acquired around 93% of the shares in Multi Group, the company behind Multilotto, for approximately €49.8m.

Related article: 500.com to acquire Multi Group