Online gaming giant 888, through US subsidiaries, has acquired the remaining 53 per cent of the All American Poker Network for $28m.
The AAPN joint venture was established between Avenue OLG Entertainment and 888 in March, 2013, to launch the operator’s B2C brands in the regulated igaming market in the US, with 888poker and 888casino subsequently launching in November, 2013.
888 will pay $10m initially, with a second payment of $18m to be made by March 31, 2019, acquiring the outstanding shares from Avenue and other minority shareholders of AAPN.
In a statement, the group said the transaction will give the operator independent control of its growth strategy in the US, a strategy that includes signing new partnerships and continuing to deploy its proprietary products and technology in new states as they regulate.
Itai Frieberger, chief executive of 888, said: “The acquisition of the remaining stake in AAPN is an important strategic step towards achieving [the] 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,” said Frieberger.
