888 Buys Out Partner In Venture All American Poker For USD28 Million

LONDON (Alliance News) - 888 Holdings PLC said on Tuesday it has acquired the remaining 53% ...

Alliance News 11 December, 2018 | 8:37AM
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LONDON (Alliance News) - 888 Holdings PLC said on Tuesday it has acquired the remaining 53% interest in the All American Poker Network it does not own for USD28 million in cash.

The FTSE 250-listed gambling websites operator first established AAPN as a joint venture with Avenue OLG Entertainment LLC in 2013 as a platform to launch 888's business to consumer brands in the US.

888 will pay immediately an initial USD10 million to Avenue OLG and some minority shareholders, with the remaining USD18 million to be paid by March 31, 2019.

The acquisition will give 888 full control of its growth strategy in the US, which includes the signing of new partnerships and deploy its products in new states as they begin to regulate, 888 said.

"The acquisition of the remaining stake in AAPN is an important strategic step towards 888 achieving its exciting long-term potential in the US. Taking outright ownership of AAPN gives 888 additional operational, technological and commercial flexibility to develop innovative and exciting new partnerships and launch in new states - through both B2B and B2C channels - as and when future regulation allows," said Chief Executive Itai Frieberger.

Shares in 888 Holdings were up 2.5% at 157.80 pence on Tuesday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
888 Holdings PLC 129.50 GBX 0.00 -

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