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Home Business News

BetKing: MultiChoice to increase stake to 49% in $281.5 million deal

William Ukpe by William Ukpe
June 11, 2021
in Business News, Spotlight
DStv denies social media reports alleging it has been “hacked”, MultiChoice suspends sack of 2000 employees, MultiChoice to sack 2000 employees, MultiChoice, Naspers, Johannesburg Stock Exchange

MultiChoice

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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.

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MultiChoice blames FX Challenges for ZAR367m loss in Nigeria

MultiChoice reports N196.3 billion in subscription revenue from Nigeria

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.

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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.

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Comments 1

  1. Ebuka Henry says:
    August 13, 2021 at 12:28 pm

    I will love to join

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