London-listed betting and gaming operator 888 Holdings has completed the sale of its Latvian business to Åland-based operator Paf.
Following an agreement last month, Paf will pay a total consideration of €28.25 million to acquire 888’s Latvian business, which is comprised of the locally-licensed William Hill and Mr Green brands.
The acquisition comprises an initial consideration of €24 million, and a further earn-out of up to €4.25 million in 2024, subject to the performance of the business this year.
“The sale of the Latvian business marks another positive step in the execution of our integration programme,” said 888 executive chair Lord Mendelsohn. “This sale generates cash proceeds from a non-core market to support our deleveraging plans, as well as enabling reinvestment into our core and growth markets.”
With the acquisition of 888’s Latvian operations, Paf becomes the third largest operator in the market.
Shares in 888 Holdings plc (LSE:888) were trading 4.97 per cent higher at 112.00 pence per share in London earlier Tuesday.