Pan-European lottery operator Sazka Group has secured an investment of €500m ($591.7m) from investment managers Apollo Global.

According to the operator, the majority of the funds will be utilised to “capitalise on acquisition and growth opportunities in Europe and North America.”

Although still subject to closing conditions and regulatory approvals, the transaction is expected to be completed next year.

Sazka Group is part of the KKCG Group, a company which also owns Aricoma Group, MND Group and US Methanol.

Karel Komárek, founder of KKCG and chairman of the board of Sazka Group, said: “In partnership with a strong US investor, Sazka Group is well positioned to expand in Europe, the US and other potential regions, continuing to focus on lottery and complementary gaming verticals.

“I am convinced that the gaming industry is one of the most promising sectors for the future and Sazka Group aspires to be a global player in this sphere.”

In October, Sazka Group announced it had entered the race to be the new UK National Lottery licensee.

The operator has completed the Gambling Commission’s Selection Questionnaire in the first stage of the tender process. The company has also appointed entrepreneur Sir Keith Mills as bid chair to lead its National Lottery efforts.