Paf Acquires 888’s Latvian Brands WilliamHill.lv and MrGreen.lv

Paf Consulting Abp, a well-known Nordic gaming firm, has completed an important acquisition in the betting and gaming business. They have successfully bought 888 Holding Plc’s Latvian business, a very successful global betting and gaming company. Paf Consulting Abp will acquire the prominent Latvian brands WilliamHill.lv and MrGreen.lv, which are currently owned by 888, as part of the agreement.

Paf Consulting Abp and 888 reached a deal on May 19th, marking a key milestone for both organisations. The acquisition was valued at €28.25 million, with a €24 million down payment and an additional earn-out of up to €4.25 million payable the following year. Because 888 owns 90% of the entity’s shares, the initial payment will be used to fund basic corporate expenses. The transaction is designed to be debt-free and cash-free.

No change in workflow

Despite the ownership change, the local licence to operate in Latvia will remain in place. Although the William Hill and Mr Green trademarks are being used by the Latvian operations, 888 has allowed Paf Consulting Abp permission to continue using the same licences for a short time. This provides a smooth transition and allows the company to continue operating without severe disruptions or changes in workflow.

The purchase is scheduled to close in the coming weeks, following the termination of the acquired business’s agreement with 888’s suppliers and the start of its cooperation with Paf. Paf Consulting Abp is well-prepared to take over operations and provide a smooth transition for employees and customers alike.

A significant achievement for Paf

This acquisition is a significant accomplishment for Paf Consulting Abp, further solidifying their industry position. Paf Consulting Abp strengthens its footprint in the Latvian market and enhances its client services by adding the renowned WilliamHill.lv and MrGreen.lv brands to their portfolio. This strategic step demonstrates Paf Consulting Abp’s dedication to expansion and innovation in the betting and gaming industry.

Christer Fahlstedt, CEO of Paf, said: “For Paf, this is a good long-term investment in the Latvian market. We have been operating there since 2018, and we aim to build a stable position in the market. The gaming sites’ current customers will not notice any difference directly when we take over the business. For Paf, it also means that we will have a new office in Riga where more than twenty employees will become a part of Paf.”

Lord Mendelsohn, Executive Chair of 888, commented: “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. 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.”