Intralot divests Brazil subsidiary to Saga

Intralot SA has confirmed the sale of its entire stake in Intralot do Brasil Comércio de Equipamentos e Programas de Computador LTDA (Intralot do Brasil) to Saga Consultoria e Representações Comerciais e Empresariais (Saga).

The total cash consideration for the stake sale amounts to €700,000 and it represents 80% of the company’s voting capital. Saga is the only other shareholder of Intralot do Brasil, holding 20% of the company.

Intralot will continue to provide its gaming technology to Intralot do Brasil, serving as the lead systems supplier.

Earlier this month, Intralot published its financial results for the first quarter of 2021, with Chairman and CEO Sokratis P Kokkalis reporting a ‘strong revenue and EBITDA growth’ thanks to the ‘successful implementation of cost containment measures’.

For Q1, the period ending 31 March 2021, Intralot declared group revenues of €102m, a 9.3% increase year-over-year when compared to the same period last year (Q1 2020: €93.3m).

Lottery Games was the largest revenue contributor, comprising 63%, followed by sports betting at 19.1%. VLTs represented 8.7%, technology contracts accounted for 8.7%, while racing constituted 0.5% of total revenue.

The group reported gross gaming revenue (GGR) of €80.5m for the quarter, an 8.3% improvement on the previous year (Q1 2020: €74.3m).

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