Interactive
US – 888 buys remaining shares in All American Poker Network
By Phil - 11 December 2018
Online giant 888 has bought the remaining 53 per cent stake in the All American Poker Network for $28m in a bid to boost the company’s growth strategy in the US.
The transaction would give 888 independent control of its growth strategy in the US moving forward, the company said. This strategy included signing new partnerships and continuing to deploy the company’s proprietary products and technology in new states as they regulate.
Under the agreement, 888 would pay $28m in cash, with $10m expected to be paid to the sellers on or about the date of announcement and the remainder of $18m paid by 31 March 2019.
Itai Frieberger, Chief Executive of 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. This acquisition places 888 in an even better position to take advantage of the significant growth opportunities in the US and create additional value for our shareholders.”
“The AAPN joint venture has been a very successful endeavour for the Group. It has afforded us the flexibility and financial capability to build a position in the regulated US market over the last five years whilst also investing in other global regulated markets.”
