888 Sells Latvian business to Paf Consulting in €28.3 million deal
Online gambling operator 888 has announced the sale of its Latvian business to Paf Consulting in a deal valued at up to €28.3 million, as part of its strategy to streamline its asset base
Online gambling operator 888 has announced the sale of its Latvian business to Paf Consulting in a deal valued at up to €28.3 million ($30.6 million). The move is part of 888's strategic efforts to streamline its asset base and focus on its core markets. The Latvian business, operating under the William Hill and Mr Green brands, will continue to use these brands within Latvia for a limited period under a brand license provided by 888. The sale is not expected to impact 888's ongoing operations, as the Latvian entity operates independently with its own management team and technology platform.
The completion of the deal is subject to certain closing conditions, including the separation of the Latvian subsidiary from 888's supplier contracts and its integration into Paf's contracts. Lord Mendelsohn, Executive Chair of 888, expressed gratitude to the Latvian team and emphasized that the Baltic region is not one of their core or growth markets. He is confident that the business will thrive under Paf's ownership. Paf's CEO, Christer Fahlstedt, sees the acquisition as an opportunity to build upon the Latvian success story and emphasizes the market's direction towards increased player protection and responsible gambling practices.
Janis Tregers, Co-Founder and Head of the Latvian board, expressed confidence that the business will continue to flourish under Paf's ownership. The finalization of the transaction is expected in the coming weeks, and proceeds from the sale will be utilized for general corporate purposes. Overall, the sale of the Latvian business allows 888 to focus on its core markets while providing an opportunity for Paf to expand its presence and deliver exceptional products and experiences to customers in Latvia.