On May 22, 2023, Ian Walker reported on 888 Holdings’ announcement that it will invest up to £22 million in its Latvian business. This investment is part of the company’s plan to focus on its core and growth markets. The London-listed online betting and gambling company, which owns the 888 brand and William Hill, has also sold a 90% stake in its business to Puff Consulting Abp for a total consideration of £24.6m.
As part of the sale, 888 Holdings will offer brand licenses which allow purchasers to use the William Hill and Mr. Green brands. An initial payout of £20.9m will be made upon completion, with a further £3.7m to be paid if certain financial metrics are met. The sale is expected to close in the next few weeks.
John Mendelsohn, Managing Director of 888 Holdings, stated that the company continually reviews its asset base to ensure that it only holds assets that contribute to its long-term strategy and maximize shareholder value. Mendelsohn also said that the Latvian business is not one of their core or growth markets and, therefore, investing in it is not a priority.
In conclusion, 888 Holdings has sold its stake in its Latvian business and will invest up to £22 million in it as part of its plan to focus on core and growth markets. The company will offer brand licenses to purchasers, and the sale is expected to close in the next few weeks.