888 Holdings is divesting its Latvian operations to Paf Consulting Abp (Paf) for €28.3 million (approximately $30.5 million USD). The transaction is anticipated to conclude within the coming weeks.
An initial disbursement of €24 million will be made, with the outstanding sum settled in 2024 following the finalization of the 2023 financial statements. Paf will subsequently hold a 90% stake in the Latvian entity. Presently, the Latvian company functions under the recognized William Hill and Mr Green trademarks, facilitated by regional licensing arrangements. These brands will persist in Latvia for a period post-acquisition through a licensing accord.
888’s Executive Chair, Lord Mendelsohn, conveyed that this divestiture aligns with their ongoing portfolio evaluation to guarantee their holdings correspond with their long-term strategic objectives and yield optimal value for their stakeholders. He emphasized that the Baltic area, encompassing Latvia, constitutes a comparatively minor portion of their overall business, rendering it a non-essential market for their prospective investments and expansion.
Janis Tregers, co-founder and director of the Latvian company, expressed optimism that the enterprise will maintain its prosperity under Paf’s stewardship, furnishing customers with exceptional products and encounters.
Christer Fahlstedt, CEO of Paf, shared his eagerness regarding the acquisition, affirming their excitement to embark on a fresh chapter of success in Latvia.
Weve been observing Latvia, and they appear to be significantly improving their efforts to safeguard players. This is highly important to us at Paf, it aligns perfectly with our values.
On the topic of maintaining transparency, we recently had a productive conversation with Gambling Insider regarding the evolving landscape of gambling regulations throughout Europe.”
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