Intralot completed the sale of its Brazilian subsidiary to Saga Consultoria e Representações Comercial e Empresariais (Saga) for 700,000 euros (£602,590/US$848,545).
The lottery and games group Intralot, based in Greece, held 80% of the business of Intralot do Brasil, with Saga owning the rest. The business contributed just 0.5% of the group’s earnings before interest, taxes, depreciation and amortization (EBITDA) in 2020.
Commenting on the deal recently, Intralot confirmed that Saga would take full control of the deal, but would continue to supply its gaming technology to the Brazil region.
Intralot opened its first office in Brazil in 2008 and two years later Intralot do Brasil began operating Loteria Mineira, the state lottery in Minas Gerais, with the launch of its first game, Keno Minas.
In May last year, the company, in partnership with Loteria Mineira, transferred around US$6.5 million to the State Health Fund. It is operating in 500 municipalities in Minas Gerais, with 3,000 points of sale.
The completion of the deal comes after Intralot completed the sale of its 20% stake in Intralot de Peru SA to the Nexus Group in February. The original deal saw Nexus agree to pay $21.0 million to take ownership of the interest, but after taxes and transaction expenses, the final transaction value was $16.2 million.
Present in more than 52 jurisdictions and with a team of approximately 5,100 employees, the company has established its presence on 5 continents.
Since its founding in 1992, the company has applied leading-edge technology to develop complete solutions related to the creation, development, operation and support of gambling games for the entertainment industry.
Headquartered in Brazil since 2008, the company consolidated itself in the country by closing an agreement with the Lottery of the State of Minas Gerais. Currently, the company has more than 2500 lottery terminals located in various places in Minas Gerais.