Strong potential for development in German market
French horse racing operator Pari-Mutuel Urbain (PMU) has acquired a majority stake in long-time partner Die German Tote Service- und Beteiligungs GmbH (German Tote) for an undisclosed consideration.
"The acquisition of the German Tote is an opportunity which allows PMU to become an operator in Germany, and become a part of its equestrian tradition of which we nourish great ambitions and whose betting market offers strong development potential," commented Xavier Hurstel, president and chief executive officer of PMU.
The PMU and German Tote's 12 year partnership has enabled the German Tote to expand its commercial offering in terms of both services to customers and wagering as well as contribute towards the financing and development of the German equestrian industry.
The acquisition forms a keystone in PMU's 2020 international expansion strategy.
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