Sazka Group and its owner KKCG said on Tuesday funds connected to private equity firm Apollo Global Management had agreed to invest 500 million euros ($591 million) in the Czech-based lottery group.

The investment will be made into Sazka Entertainment, a new subsidiary of KKCG that will become the 100% owner of Sazka Group upon closing. The investment will be for merger and acquisition opportunities in Europe and North America.

Sazka said the transaction implied an equity valuation of 4.2 billion euros for Sazka Entertainment.

Source: Reuters

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