888 Holdings Buys Out Partners in Subsidiary All American Poker Network
The online gambling company will pay $28 million in cash for the remaining 53% stake
Online gambling company 888 Holdings PLC will pay $28 million in cash for the remaining 53% stake in subsidiary All American Poker Network (AAPN) Holdings LLC, the company announced Tuesday. Of the sum, $10 million will be paid immediately, and the rest by March 31, 2019.
Gibraltar-headquartered 888 Holdings owns several online gambling brands, among them 888casino, 888poker, 888bingo and 888sport. The company was founded in 1997 by four Israeli entrepreneurs, and most of its employees are based in Israel.
888 founded AAPN in 2013 together with private equity firm Avenue OLG Entertainment LLC and other minority shareholders to offer its brands in New Jersey after the state softened its online gambling regulation. AAPN reported losses of $3 million in 2017, according to 888.
888 was up 2.7% on the London Stock Exchange on Tuesday market close.
The 888 website. Photo: screen shot