888 Sells Latvian Business To Paf

Online gambling operator 888 Holdings announced today that it has sold all its Latvian business to Paf Consulting for £22 million. The company which holds brands such as William Hill said that it is part of the plan to focus on its core and growth markets which Latvian was not part of.

888 said that it had sold its entire 90% stake of the business to Paf Consulting and also will provide a branding license to Paf so it can use the Mr Green and William Hill brands in Latvia.

The gambling giant plans to complete the further 10% stake to Paf once all financial metrics are met for a consideration of £3.7 million and is expected to be finalised in the coming weeks.

Chief Executive Jon 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 maximize 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 prioritize our investments.”