VODone targets Hubei Sports Lottery


Video broadcast company VODone Ltd. has unveiled a conditional deal to buy Chinese lottery company Beijing Caiwang Bohui Technology Co., for Rmb150 million ($24.3 million). Hong Kong-listed VODone would pay Rmb 85 million in cash, with the balance paid in shares. The company said the acquisition target owns an online lottery sales platform – Caipiao168 website –  which is the main asset acquired. Caipiao 168 has also signed agreements to handle phone sales and exclusive rights on internet sales for the Hebei Province Sports Lottery Administration Center.  VODone said its own Apple app for lottery sales, Lottery 365, has been downloaded more than 10 million times.