888 confirms completion of Latvian assets sale to Paf

The leading betting and gaming company recognized globally for its brands Mr Green, 888 and William Hill, 888 Holdings Plc, announced it has completed the sale of its Latvian business to Paf Consulting Abp, a statement reveals. Confirmation about the completed sale came Tuesday and sees Paf acquire 100% of the company's Latvian business, operating with a local license, in a deal for some €28.3m.

The completed sale comes less than a month after 888 initially announced its plans to sell its Latvian assets. At the time of the initial announcement, the company confirmed that it doesn't anticipate an impact on its ongoing operations from the sale. Moreover, 888 pointed out that the sale is part of its strategy "to focus on core and growth market plans."

Per the multi-million-dollar deal, Paf agreed to acquire 100% of 888's Latvian business on a cash-free debt-free basis. The duo agreed on an initial payment in cash upon closing of the transaction of €24m, followed by an additional "potential earn-out of up to €4.25m." The additional payment would be subject to the 2023 audited financial results and payable in 2024.

Christer Fahlstedt, Paf's CEO, said when the acquisition was first announced: "We are thrilled to get the opportunity to continue to build on a great Latvian success story." Moreover, he explained: "With a long-term perspective, we are convinced that the Latvian market is moving in the direction of increased player protection and thereby a great strategic fit for Paf."

Now, in light of the completion of the sale, 888's Executive Chair, Lord Mendelsohn, shared his excitement. He pointed out: "The sale of the Latvian business marks another positive step in the execution of our integration program." Last but not least, Lord Mendelsohn, said: "This sale generates cash proceeds from a non-core market to support our deleveraging plans, as well as enabling reinvestment into our core and growth markets."

Besides the sale, recently 888 strengthened its senior-level team by announcing a new appointment. In mid-May, the company confirmed it appointed the industry expert, Ben Hurst, to the role of Vice President of North American Expansion.

He marked an important addition to the company's growing team, delivering extensive knowledge. In his new role, Hurst will help 888 grow further within the North American market. Taking that role comes as no surprise, considering his experience in the sector. Ultimately, Hurst will play an important part in the execution of 888's growth strategy within the US market.

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