The leading betting and gaming company that is globally recognized with its brands that include Mr Green, William Hill and 888, 888 Holdings Plc, announced it has come to an agreement to sell its Latvian-facing business. In a deal for some €28.3 million ($30.6 million), the company agreed to sell its Latvian business to Paf Consulting abp.
The multi-million-dollar acquisition of 888's Latvian-facing businesses is expected to close soon
A breakdown of the price tag of the deal reveals that €24 million ($26 million) will be paid in cash upon completion of the transaction on a cash-free debt-free basis. Separately, in 2024, another payment of up to €4.25 million ($4.6 million) will be completed contingent on the 2023 audited financials from 888’s Latvian businesses.
The deal, which was announced Monday, is expected to be closed in the coming weeks. Upon completion, Paf will acquire 100% of 888’s Latvian-facing businesses. Still, it’s important to mention that the Group owns “90% of the entity and the consideration will be used for general corporate purposes,” explains a statement released by 888. However, the business operates largely as an independent entity, with its own management team and on a separate technology platform. As such, 888 does not expect the transaction to have any impact on the ongoing operations.
Completion of the deal is subject to a number of closing conditions. These include the carving out of the Latvian subsidiary from 888’s supplier contracts and incorporation of the Latvian subsidiary into Paf’s contracts.
“The Latvian business is a high-quality, locally regulated business, with an excellent team that has built a strong market position. I would like to express my sincere thanks to the team for their dedication during their time with the group and I am highly confident that under new ownership with Paf, the business will continue to flourish.” Paf chief executive Christer Fahlstedt added
