The global online gambling entertainment group, 888 Holdings, secured a greater stake in the growing US gaming market by acquiring the remaining shares in All American Poker Network. AAPN was the result of a joint venture created between the London-listed 888 Holdings and its partner Avenue OLG Entertainment. 888 purchased the 53% interest in AAPN and is now full owner of the network. The group paid $28 million for the remaining shares.
888 Holdings issued a statement regarding the acquisition, calling the deal “an important strategic milestone that will facilitate the group’s future growth strategy in the US.” 888 has now full flexibility to deliver on multiple potential growth opportunities in the growing US market, including the development of new strategic partners.
“The AAPN joint venture has been a very successful endeavor for the Group,” said the chief executive officer of 888 Holdings, Itai Freiberger regarding the 2013 deal. “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. I would like to thank Avenue Capital for being fantastic partners in this venture since 2013.”
The CEO added that the acquisition places 888 in an even better position to take advantage of the significant growth opportunities in the States, as well as create additional value for its shareholders.