The gaming behemoth, 888, has entered into an agreement to divest its Latvian business to Paf, a gaming operator headquartered in Åland, Finland, for a consideration of €28.3 million (equivalent to roughly $30.5 million). The transaction is structured as a cash-free and debt-free exchange.
An initial disbursement of €24 million will be made upon the finalization of the deal, with the remaining balance scheduled for payment in 2024, contingent upon the publication of the 2023 financial statements.
Paf will assume a 90% ownership interest in the Latvian entity, which manages operations under the prominent William Hill and Mr Green brands through local licenses. These brands will maintain their presence in Latvia for an interim period governed by a licensing arrangement.
Lord Mendelsohn, Executive Chair of 888, underscored the company’s dedication to refining its portfolio to achieve enduring strategic coherence and maximize shareholder returns. He indicated that the Baltic region constitutes a comparatively modest portion of 888’s overall business and is not considered a pivotal market within the company’s future expansion strategy.
Janis Tregers, co-founder and director on the Latvian board, conveyed optimism regarding the sustained prosperity of the company under Paf’s stewardship, emphasizing their unwavering commitment to providing customers with exceptional products and experiences.
Christer Fahlstedt, CEO of Paf, articulated his enthusiasm for the prospect of leveraging the established achievements of the Latvian operation.
At a distance, it appears Latvia is elevating its efforts to safeguard its gamblers. This harmonizes seamlessly with Paf’s dedication to ethical gaming practices.
A gaming publication recently engaged in a discussion with Paf regarding the present landscape of gambling regulations across Europe.
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