Gaming group 888 has announced that they're going to be selling their Latvian-facing operation to Paf Consulting for up to €28.3 million.
The agreement will see Paf paying €24 million upon completion of the sale, with €4.3 million being paid in 2024 after the company's 2023 financial results are published. 888 currently owns 90% of the venture, which runs the Mr Green and William Hill brands in the country. The business has its own management team, which will continue to run the operation.
Regarding the deal, 888's Lord Mendelsohn said, "We continually review our asset base to ensure that we are only holding assets that both contribute to our long-term strategy and will maximise value for our shareholders.
"As a business, our relatively limited exposure in the Baltic region means that the region is not one of our core or growth markets where we prioritise our investments.
"The Latvian business is a high-quality, locally regulated business, with an excellent team that has built a strong market position. I would like to express my sincere thanks to the team for their dedication during their time with the group and I am highly confident that under new ownership with Paf, the business will continue to flourish."
Paf CEO Christer Fahlstedt also commented, adding: "We are thrilled to get the opportunity to continue to build on a great Latvian success story. With a long-term perspective, we are convinced that the Latvian market is moving in the direction of increased player protection and thereby a great strategic fit for Paf."
The deal is subject to regulatory approval, but should be completed in the coming weeks.