The sale is expected to take place in the coming weeks.
888 Holdings has agreed to sell its Latvian operations to Farf Consulting ABP (Parf) for a fee of 28.3 million euros ($30.5 million) on a cash-free and debt-free basis.
Upon completion of the transaction, the initial amount of EUR 24 million will be paid in cash, and the balance will be delivered in 2024 at the time of the 2023 financial year report.
Pap now owns 90% of the company. The Latvian company uses the William Hill and Mr. Green brands as local licenses. We will provide brand licenses for these brands to be used for a limited period of time in Latvia.
Sir Mendelson, chairman of 888, said: “We continue to review our asset base so that we only have assets that contribute to our long-term strategy and can maximize the value of our shareholders.
“Our relatively limited exposure to the Baltic region as a business means that it is not one of the key or growth markets in which we prioritize investment.”
Meanwhile, Janice Tregus, co-founder and head of the Latvian board, added. “Under the new ownership with Papp, I am confident that the business will continue to evolve from strength to strength, providing customers with great products and experiences.”
Christer Palstadt, CEO of Papp, said, “We are excited to have the opportunity to continue to build a great Latvian success story. From a long-term perspective, we are confident that the Latvian market is stepping up its player protection and, accordingly, moving towards a great strategic fit for Papp.”
The Gambling Insider recently spoke with Farf about gambling regulations in Europe.
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