The Latvian gaming market is set for a shake-up, as Paf Consulting Abp emerges as the third-largest gaming company following its acquisition of 888’s Latvian operations. In a deal that bolsters Paf’s market position, 888’s businesses, which operate under the William Hill brand and the Mr Green brand, were sold for €28.25m.
Christer Fahlstedt, CEO of Paf, shared his optimism about the acquisition:
“We are thrilled to continue building on a great Latvian success story. With a long-term perspective, we are convinced that the Latvian market is moving towards increased player protection, making it a great strategic fit for Paf.”
Lord Mendelsohn, Executive Chair of 888, views the sale as a strategic move:
“The sale of the Latvian business signifies another positive step in our integration program. This sale allows us to generate cash proceeds from a non-core market to support our deleveraging plans, while also enabling reinvestment into our core and growth markets.”
The financial details of the transaction encompass an initial cash payment of €24m, with a further potential earn-out of up to €4.25m expected to be settled next year following the 2023 audited financials. 888’s Latvian business generated £9.1m in net revenue and £2.5m in EBITDA in 2022, with the value of the gross assets related to the transaction estimated at around £9.3m, as reported in the December 31, 2022 balance sheet.
This strategic sale aligns with 888’s focus on its core and growth markets, and the company assures it will have no impact on its ongoing operations.
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