Tuesday November 18,2014 : AGTECH TO ACQUIRE MOBILE LOTTERY R7D COMPANY
$63.12 million consideration agreed.
Hong Kong online gambling group AGTech Holdings has announced an acquisition agreement that will see it paying $63.12 million for research and development company Score Value, positioning itself for potential growth in China’s mobile lottery market.
Score Value is also involved in the sale of hand-held lottery sale equipment, as well as the design of lottery games and system development.
John Sun, chairman and CEO of AGTech said in a statement to the Hong Kong Stock Exchange that the purchase was a "major milestone" for the company.
"As well as strengthening our hardware business, this acquisition promises to position us as a first-mover in the hugely exciting mobile smartphone lottery system and content supply market in China," Sun said.
Score Value currently supplies more than 20 provinces, municipalities, and autonomous regions in China with lottery equipment. It is presently seeking clearance from the relevant authorities in China for the system and content to be made accessible via mobile smart phones.