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This paper presents a technique for admission control of a set of horizontally scalable services, and their optimal placement, into a federated Cloud environment. In the proposed model, the focus is on hosting elastic services whose resource requirements may dynamically grow and shrink, depending on the dynamically varying number of users and patterns of requests. The request may also be partially accommodated in federated external providers, if needed or more convenient. In finding the optimum allocation, the presented mechanism uses a probabilistic optimization model, which takes into account eco-efficiency and cost, as well as affinity and anti-affinity rules possibly in place for the components that comprise the services. In addition to modelling and solving the exact optimization problem, we also introduce a heuristic solver that exhibits a reduced complexity and solving time. We show evaluation results for the proposed technique under various scenarios.