Intralot seals significant Bit8 stake acquisition

lier Intralot has acquired a 35% stake in gaming platform Bit8 via its subsidiary Intralot Global Holdings BV.

Intralot has a call option to increase its stake in Bit8 to 60% within the next two years, providing that certain financial thresholds are met.

It was announced in February that the two companies had reached a strategic partnership agreement in principle, which included the acquisition of a significant minority stake.

Intralot CEO Antonios Kerastaris said: “This strategic cooperation is in line with our strategy to focus on the B2C gaming market, while we further expand our product portfolio, increase customer satisfaction and provide exceptional gaming experiences to players.”

Bit8 CEO Angelo Dalli said: “We are very pleased to further our strategic cooperation with the Intralot group which gives Bit8 the necessary global reach that will enable us to achieve our vision of offering the best gaming platform in the industry complemented with a wide range of professional services and solutions.”

Intralot reported a 20% consolidated revenues increase to €1.85bn for 2014, while revenues for the parent company decreased 43% to €85.7m.

Kerastaris was appointed as CEO in November, after previously holding the position of CFO, replacing Constantinos Antonopoulos, who stepped down after 22 years in the role.