500.com announces plans to acquire majority stake in Loto Interactive

China-based online sports lottery provider 500.com announced that it has signed an agreement to acquire a majority stake in PRC exclusive sports lottery operator, Loto Interactive Limited.

Under the agreement, 500.com will acquire 169, 354,839 Loto Interactive shares for HK$105 million (US$13.5 million).

500.com currently owns around 33.7% of the issued share capital of Loto Interactive. Once the acquisition is completed, the company expects to own around 54.2% of the issued share capital of Loto Interactive and Loto Interactive is expected to become a subsidiary of the Company.