AGTech agrees to buy owner of Macau Move for HK$778m

AGTech Holdings, a Chinese lottery supplier, claimed it has agreed to purchase the owner of Macau Move for a optimum of HK778 million ($100 million) to diversify its earnings streams.

Hong Kong-detailed AGTech is acquiring the complete money of Macau Pass Holdings Ltd, which owns 99 percent of Macau Move. It is also obtaining the remaining 1 % in the goal corporation.

Macau Move presents providers that empower shops and other retailers to settle for distinct payment procedures from other payment service suppliers, this sort of as the Alipay e-wallet, so shoppers can opt for their desired payment strategies at checkout.

Macau Pass receives fee income from the retailers for processing the payment.

The business will pay $700 million on closing of the transaction, with the remaining consideration topic to a downward revision mechanism. The deferred payment involves provisions that permit for the deduction of any excellent credit card debt that has not been agreed by the customers, as very well as any shortfall in the functioning dollars of Macau Pass. The latter enterprise is necessary to manage an operating dollars degree of MOP5 million.

“The directors are of the perspective that the acquisition would make incredible synergies to the Group’s current business enterprise, significantly for the cellular online games and entertainment and supply of non-lottery components corporations, as perfectly as broadening the revenue base of the team by way of integrations together the price chain, AGTech said.

The group is 1 of the top suppliers of lottery terminals in the PRC, and has the biggest current market share in the sporting activities lottery terminal industry. Due to the fact the very first half of 2021, the enterprise has also started to supply non-lottery hardware, these kinds of as place of sale terminals in China’s retail current market.

The acquisition represents an expansion of the non-lottery hardware business enterprise into the Macau sector, it reported.

In 2018, the firm also announced it was increasing in India by means of a enterprise with PayTM. The two companies launched casual gaming system Gamepind.

As a result of the system, on the web users may perhaps purchase items or expert services from retailers at specific discounts by means of engaging in numerous forms of informal game titles and other on-line routines made available, and knowledge an revolutionary entertainment and shopping design.

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