The gaming behemoth, 888, is divesting its Latvian holdings to Paf, a Finnish gaming enterprise, for a substantial €28.3 million (roughly $30.5 million). This agreement is anticipated to conclude in the coming weeks and entails no immediate payment for 888 – it constitutes a debt-free, non-cash exchange.
Paf will commence with a payment of €24 million, with the balance settled in 2024 following the release of the 2023 financial statements. This procurement grants Paf a 90% ownership in the Latvian enterprise, which manages the well-known William Hill and Mr Green brands under regional licenses. Rest assured, these brands are not going anywhere – they will persist in their Latvian operations for the foreseeable future under a licensing accord.
Lord Mendelsohn, 888’s Executive Chair, elucidated that this action is consistent with their approach of concentrating on assets that harmonize with their long-term objectives and optimize shareholder worth. The Baltic territory, where Latvia is situated, has not constituted a significant expansion zone for 888.
Janis Tregers, co-originator and director of the Latvian business, conveyed optimism that the company would flourish under Paf’s guidance, maintaining the provision of exceptional products and encounters for their clientele.
Christer Fahlstedt, Chief Executive Officer of Paf, shared his eagerness regarding the acquisition, affirming their excitement to build upon the triumph already established in Latvia.
Weve maintained surveillance on Latvia, and indications suggest a positive trajectory. They’re commencing a relaxation of the rules, presenting favorable tidings for entities like ourselves. This harmonizes seamlessly with our blueprint at Paf.”
This excerpt concerning the evolving regulatory panorama within European wagering was recently highlighted in Gambling Insider.
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