500.com has bought Multi Group for $56 million

A leading online sports lottery service provider in China 500.com announced that it has entered into a share purchase agreement, pursuant to which it has conditionally agreed to purchase approximately 93.0% of the outstanding shares of The Multi Group Ltd. for a total consideration of approximately EUR49.8 million (approximately US$56.0 million) in cash. Closing of the acquisition is subject to approval by relevant regulatory authorities and customary conditions set out in the Share Purchase Agreement.

Unaudited net profit at the company last year came in at €5.4 million, which also represents an increase on the €1.2 million recorded in its first year of operation.

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