AGTech acquired by Alibaba

Ali Fortune Investment Holding Ltd (AFIHL), a company majority owned by China’s largest online retailer Alibaba Group Holding Ltd, will acquire AGTech Holdings Limited for a HK$2.39 Billion consideration.

AFIHL plans to boost its China lottery business through the acquisition of AGTech as it returns to the lottery sector after suspending operations in February 2015 because of government restrictions, Bloomberg reports.

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