Alibaba buys controlling stake in lottery
Alibaba Group Holding Ltd and its financial affiliate are buying a controlling stake in HongKong-listed lottery operator AGTech Holdings Ltd, for HK$2.39 billion ($ 308 million).
The deal will give the Alibaba unit 59.45 percent of AGTech, according to the lottery operator’s filing to the Hong Kong stock exchange a timely purchase as the suspension of online lottery sales looks likely to be lifted sometime this year. The government banned unauthorized online lottery sales in April 2015.
AGTech is engaged in gaming technologies including game software and hardware, and lottery distribution.