William Hill Sold To 888 For £2.2 Billion
888 will look to keep the retail business
Following on from the announcement this week that 888 Holdings were in talks to acquire the UK and European assets of William Hill from Caesars Entertainment it was announced today that a deal has been agreed.
The US gaming giant has sold the assets to 888 Holdings for £2.2 billion with the European online gaming company now the owner of some 1,400 retail betting shops and online business.
Caesars bought William Hill last year with the deal completed in April this year for £2.9 billion and stated at the time it would only retain the US side of William Hill and placing the other in a bidding process.
888 says the deal will create a combined group with more than 12,000 employees and annual revenues of £1.8 billion, it was thought that the retail side of William Hill would be spun off by 888 however they said they were, “excited about the opportunities that the retail business provides”.
Itai Pazner the chief executive of 888, said: “The acquisition of William Hill International is a transformational and hugely exciting moment in 888’s history.
“This transaction will create one of the world’s leading online betting and gaming groups with superior scale, exceptional brands, increased diversification, and a platform for strong growth.”
He said of the retail business: “We are also excited about the opportunities that the retail business provides and see significant brand benefits to the enlarged group from its large estate.”
