888 to sell Latvia business for up to €28.3m
By Michele Maatouk
Date: Monday 22 May 2023
(Sharecast News) - William Hill owner 888 Holdings said on Monday that it has agreed to sell its Latvian business for up to €28.3m (£24.6m) as it looks to focus on core and growth markets.
The Latvian business operates with a local licence, using the William Hill and Mr Green brands. The group will provide a brand licence to continue the usage of these brands within Latvia for a limited period.
888 noted that the business operates largely as an independent entity, with its own management team and operating on a separate technology platform. As a result, the deal is expected to have no impact on the ongoing operations and synergy program.
In 2022, the business generated net revenue of £9.1m and EBITDA of £2.5m.
Executive chair 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."
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