Betfair eyes up filipino
Having made its first major move into the Asian gaming market last year with an agreement to provide IT solutions to Interactive Entertainment Solutions Technologies (IEST), operator of a betting exchange in the Philippines, Betfair has now been offered a 40 per cent stake in IEST worth US$15m by Philippines-based Diversified Financial Network Inc (DFNN).
DFNN notified the Philippine Stock Exchange this week that IEST and Betfair had defined an option agreement for Betfair to acquire a 40 per cent stake in the company at a value of $15m. DFNN told the Philippine Stock Exchange that Betfair’s option to acquire the stake is valid until August 19th 2011 and may be exercised at any time before expiry.
IEST is a unit of Pacific Gaming Investments Pte Ltd, owned by Diversified Financial Network Inc – a leading IT solutions provider in the Philippines.
Category: Betfair
