888 has announced it has taken up the remaining 53 per cent of shares in the All American Poker Network, paying US$28m through its US subsidiaries.
The acquisition sees 888 US and 888 US Holdings take over the remaining interest from a joint venture established with Avenue OLG Entertainment in 2013, ahead of the launch the same year of the 888poker and 888casino brands in New Jersey. The latest move is designed to give the group independent control of its growth strategy in the US, including signing new partnerships and continuing to deploy its proprietary products and technology (both B2B and B2C) in new states as they regulate. The consideration of $28m will be satisfied all in cash, with US$10m payable immediately and the remainder due by March 31, 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.” Over recent months, 888 has strengthened its position in the US by launching 888sport in New Jersey and signing a sponsorship agreement with NFL club New York Jets.
