Phumelela agrees consideration in Supabets deal (update)

Johannesburg Stock Exchange-listed, South African horse racing and totalisator betting operator Phumelela Gaming and Leisure Limited has finalised the acquisition of a 50 percent interest in Supabets SA Holdings Proprietary Limited, a sports betting operator focused on the African continent.

According to a press statement, Phumelela and Supabets agreed on a sustainable net profit after tax (NPAT) of R94.5 million, leading to a total purchase consideration of R437 million.

Supabets SA Holdings (Pty) Ltd. was founded in 2008 and operates as a subsidiary of Anastassopoulos Family Investments Holding Company Proprietary Limited.

The deal has been in the works since December 2015 and was green-lighted by South Africa’s Competition Commission last month (see previous reports).