AGTech completes acquisition of Score Value

Hong Kong-listed AGTech Holdings said its Silvercreek Technology Holdings unit has completed the acquisition of Score Value, positioning the company for the opening of the mobile lottery market in China.
The total maximum aggregate consideration was HK$489.5 million ($63.1 million), which is subject to downward adjustments. It comprised an initial consideration of HK$189.5 million and a deferred consideration of HK$300.0 million.
Score Value is involved in research and development, quality assurance and sale of handheld lottery sales equipment, as well as the design of lottery games and systems. It is currently seeking approval from the relevant government authority for the system and content of a lottery game to be played on mobile smart phones in China.
“The successful completion of this acquisition is a major milestone for AGTech. As well as strengthening our hardware business, we are now positioned as a potential first-mover in the hugely exciting mobile smartphone lottery system and content supply market in China,” AGTech chairman and CEO John Sun said.
The acquisition was completed on Jan 8th and the company is now a wholly-owned unit of AGTech.