888 Holdings has agreed to sell its Latvian operations to Paf Consulting Abp (Paf) for a fee of €28.3m ($30.5m), with no cash and no debt.
An initial sum of €24 million will be paid in cash upon completion of the transaction, with the remainder due in 2024 upon completion of the 2023 financial year report.
Paf will now own 90% of the company. The Latvian company uses the William Hill and Mr Green brands under local license. And, it will provide licensing so that these marks can be used in Latvia for a limited period.
Lord Mendelsohn, Chief Executive of 888, said: “We continually review our asset base to ensure we only hold assets that contribute to our long-term strategy and maximize value for our shareholders.”
“As a company, our relatively limited exposure to the Baltic region means that the region is not one of our key growth markets where we prioritize our investments.”
Meanwhile, Janis Tregers, co-founder and head of the Latvian Council, added: “Under Paf’s new ownership, I am confident that the business will continue to grow and grow, delivering great products and experiences to our customers.”
Christer Fahlstedt, CEO of Paf, stated: “We are excited to have the opportunity to continue to build on a great Latvian success story. With a long-term perspective, we are convinced that the Latvian market is moving towards greater protection of the player and therefore great strategic fit for Paf”.
About 888 Holdings
Headquartered in Gibraltar and listed in London, 888 Holdings operates from 15 offices worldwide and employs more than 11,000 people worldwide. The mission is to lead the gaming world in creating the best betting and gaming experiences, bringing unrivaled player moments.
The company owns and operates internationally renowned brands including 888casino, 888sport, 888poker, William Hill and Mr Green. Additionally, the group operates the SI Sportsbook brand in the US in partnership with the Authentic Brands Group.
