The gaming giant, 888, is divesting its Latvian operations to Paf, a fellow gaming enterprise, for a sum of €28.3 million (approximately $30.5 million). The transaction is anticipated to reach completion in the upcoming weeks.
The divestiture is structured as a transaction devoid of cash and debt. Paf will commence with a payment of €24 million, with the outstanding balance scheduled for settlement in 2024. Upon completion, Paf will hold a 90% ownership stake in the Latvian business.
This Latvian subsidiary operates under the recognizable William Hill and Mr Green trademarks, which are authorized for ongoing utilization in Latvia during a transitional phase.
The Executive Chair of 888, Lord Mendelsohn, elucidated that this divestiture aligns with their strategic objective of concentrating on principal markets and amplifying shareholder worth. The Baltic region, encompassing Latvia, does not constitute a significant growth territory for the corporation.
Janis Tregers, a co-founder and leading figure on the Latvian board, conveyed optimism regarding the company’s prospects for prosperity under Paf’s stewardship.
Christer Fahlstedt, the Chief Executive Officer of Paf, expressed their enthusiasm for expanding upon the established achievements in Latvia.
Over time, we are confident that the Latvian marketplace will shift towards enhanced safeguards for players, a trajectory that aligns seamlessly with Paf’s overarching plan.
This very subject was the central point of a recent dialogue between Paf and *Gaming Insider* publication, in which the present state of gambling regulations across Europe was examined.
