The UK National Lottery operator Allwyn International is buying a 51% stake in Novibet for €327m ($341m) from its parent company. According to Monday’s announcement, €217m ($226m) of the total will be cash and the remainder will depend on hitting future performance targets.

Novibet already operates in Ireland, Greece, Cyprus, and Brazil

Allwyn is looking to grow its iGaming position across South American and European markets; Novibet already operates in Ireland, Greece, Cyprus, and Brazil. It is also eyeing entry into burgeoning markets like Spain, France, Hungary, and Romania.

Novibet will continue with the same management team and operate as a separate entity. Through this deal, it will also improve its ongoing marketing, operational, and technological resources.

Allwyn CEO Robert Chvátal remarked on Novibet’s “world-class team” and believes the transaction will help deliver “the very best experience in online sports betting and gaming.”

It has been a busy year for Allwyn. The company took over the UK National Lottery in February from Camelot and bought a 70% stake in online lottery game developer Instant Win Gaming in February for an undisclosed sum.