888 sells Latvian operations to Paf for €28.25m
This agreement will involve two of 888’s brands, William Hill and Mr. Green, which Paf will be licensing from 888 for a short period. The deal will include 888’s Latvian licenses as well, and will initially cost Paf 24 million euros, with the rest of the up to 4.25 million euros being part of an earn-out deal due in 2024.
888 Holdings’ Executive Chairman, Lord Mendelsohn, remarked:
“It is our aim to constantly make sure that our assets are valuable for our stakeholders and have a role in our longer-term strategic goals. As our company has a relatively smaller presence in the Baltics, we have determined that it is not a part of our core operating jurisdictions and we have decided to sell our Latvian business. We are thankful to the members of our Latvian division for their efforts, and I am certain that with Paf they will be able to keep the business’s growth momentum.”
The Founder of 11.lv (later renamed to WilliamHill.lv), Janis Tregers, stated:
“Having launched over a decade ago, our company has been able to solidify its top spot in the Latvian iGaming market. Back in 2018, three-quarters of our business was sold to Mr. Green for just under 4 million euros, making this latest deal of nearly 28 million euros an excellent testament to our rapid expansion. We are certain that together with Paf we will be able to further accelerate our growth.”
The Chief Executive of Paf, Christer Fahlstedt, commented:
“We are excited to be able to continue building upon the excellent foundation set up by 888’s Latvian division. As the market keeps expanding at pace, we are looking forward to enhancing our local operations.”
This sale is estimated to have minimal impact on 888’s core operations, as its Latvian division ran with its own dedicated team largely independently. Additionally, the transaction is estimated to be finalized in the coming few weeks.