Sale of the Latvian Business: 888 Is Nearing The Completion of The Transaction

In May, 888 announced an agreement to sell the business to Paf for €28.3m (£24.3m/$30.6m).

Paf has agreed to pay an initial €24.0m in cash up front upon completion of construction, with the remaining €4.3m to be paid in 2024 once the audit of the 2023 financial statements is completed.

The Latvian business operates under a local license with 888’s William Hill and Mr Green brands. 888 will grant a limited license to use these brands in Latvia for a certain period of time.

888 controls 90% of the company, however the business operates largely as an independent organization with its own management team and separate technology platform.

The sale came after it was revealed that FS Group, an investment company backed by former GVC chief executive Kenny Alexander, had acquired a 6.57% stake in 888.

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