888 offloads Latvian-focused businesses to Paf in a $31 million transaction
🔥 Let's dive into the juicy details 🔥
888 Holdings Plc, the betting and gaming powerhouse known for brands like Mr Green, William Hill, and 888, has announced it's selling its Latvian-facing business for a whopping €28.3 million ($30.6 million). The buyer? None other than Paf Consulting abp.
This deal comes down to €24 million ($26 million) in cold, hard cash, payable upon completion, and an additional €4.25 million ($4.6 million) in 2024, contingent on the 2023 audited financials from 888's Latvian businesses.
The paperwork's expected to be signed and sealed in the coming weeks, with Paf nabbing a cool 100% of 888's Latvian biz. But don't freak out, 888 explains they'll keep 90% of the profits, using the rest for whatever the hell they want, apparently.
"Damn, this is a Latvian success story we can't ignore!"
Paf's CEO, Christer Fahlstedt, can't stop grinning about their chance to keep expanding their presence in Latvia. He says they're all about increased player protection, making this acquisition a perfect fit for Paf.
So Why the Sale?
The gambling market in Latvia? A goldmine for Europe! Last year, 888's Latvian-facing businesses raked in a cool £9.1 million ($11.3 million) in net revenue, and EBITDA of £2.5 million ($3.1 million). These numbers solidify the importance of the market for 888.
"The Latvian business is a high-quality, locally-regulated operation with a gang of experienced experts."
Lord Mendelsohn, 888's executive chair, explains they're always evaluating their assets, seeking ways to bolster their long-term strategy, and milk as much value as possible for their shareholders. He highlights the quality of the Latvian business and its skilled team. He's pretty confident the business will continue to thrive under Paf's management.
While details are scarce about Paf's plans for the new acquisition, they might be looking at expanding into neighboring markets, optimizing operations for maximum efficiency, or simply keeping things as they are to maintain the business's success. Regulatory compliance is a given, considering the industry's many rules and regulations.
- 🔥 Let's dive into the juicy details 🔥 888 Holdings Plc, famous for brands like Mr Green, William Hill, and 888, has agreed to sell its Latvian-facing business for €28.3 million ($30.6 million) to Paf Consulting abp.
- The sale comes with €24 million ($26 million) in immediate cash and an additional €4.25 million ($4.6 million) in 2024, contingent on the 2023 audited financials from 888's Latvian businesses.
- Despite selling 100% of its Latvian business, 888 Holdings Plc will keep 90% of the profits, using the rest for various purposes.
- Paf's CEO, Christer Fahlstedt, is excited about the acquisition, seeing it as a great opportunity to expand their presence in Latvia, with a focus on increased player protection.
