The gambling company that acquired William Hill last year in a £2 billion deal has agreed to sell its Latvian business for £25 million as it looks to prioritise its core and growth markets.

Paf Consulting Abp, a manufacturer and distributor of gaming consoles, based on the Aland Islands in Finland, will buy the division from 888 Holdings via an upfront payment of £20.9 million. Up to £3.7 million will be paid in instalments next year when its financial statements for 2023 have been completed.

Lord Mendelsohn, executive chairman of 888, said: “As a business, our relatively limited exposure in the Baltic region means that the region is not one of our core or growth markets where we prioritise our investments.”

The Latvia business