South African cable and entertainment giant, MultiChoice, announced it will increase its stake in Nigerian betting company, BetKing, from 20% to 49% in a $281.5 million dollar deal.
This was reported by South African media on Thursday evening, after the MultiChoice board approved the deal.
The reports says MultiChoice is expected to formalize the offer of $281.5 million for a 49% stake in Blue Lake Ventures Limited (BetKing), adding that the board approval was given on the 10th of June, 2021.
The board approved the formal offer to acquire more of the sports betting company on 10 June 2021.
“The equity investment will also result in payment of the contingent consideration of $31 million relating to the acquisition of the first 20% in BetKing,” according to South African media firm, MyBroadband.
What you should know
Nairametrics reported last year that Multichoice announced that it acquired a 20% stake in BetKing, a sports betting company with major operations in Nigeria. The value of the deal is said to be worth R1.8 billion.