888 Holdings acquires non-US William Hill assets
Published: September 21, 2021
888 Holdings, a notable Gibraltar-based online casino company, has made a deal with Caesars Entertainment to obtain William Hill’s non-US business.
The agreement incorporates 1,400 betting shops and their European online casino and will cost roughly $3 billion. 888’s offer outmatched the ones given by other interested companies, like CVC Capital Partners and Apollo Global Management.
The deal is expected to go through in early 2022, representing an opportunity for the buyer to grow significantly.
It is a chance for them to enhance their market presence and add new products to their offer. Stabilizing and speeding up their revenue growth is also one of their priorities.
The deal will close after the required approvals from both 888 Holdings’ shareholders and regulatory bodies. Caesars anticipates it will receive about $1.2 billion after the debt repayment and other adjustments. The company previously took over William Hill in April 2021 for around $4B.
888 Holdings secured financing of this acquisition from prominent companies, including J.P Morgan, Mediobanca and Morgan Stanley.
The sum amounts to $2.1 billion in term loans and senior secured notes/bridge loans. The purchase will result in a larger, growth-oriented group with more content diversity.
Commenting on the purchase, CEO of 888, Itai Pazner, stated:
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. Our strategies are also complementary, being digitally-led, customer-focused, and committed to player protection and raising industry standards around safer gambling. 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.
888casino is one of the most recognizable and popular online casino operators. As pioneers in the industry and part of the respected 888 Holdings, they started working in 1997.
Since then, they developed multi-award-winning games and promotions and opened their doors to 26 million members. More than 2,000 games in their portfolio, including progressive jackpots, offer a unique experience to all the players.