888 concurs to buy William Hill European service

9 September 2021
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888 Holdings has consented to buy William Hill's European organization from its US owner in a deal worth ₤ 2.2 bn.

The online gaming firm stated the deal with gambling establishment giant Caesars Entertainment would include William Hill's 1,400 UK betting shops.
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888 president Itai Panzer said the acquisition would "develop among the world's leading online wagering and video gaming groups".
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The deal is set to create a combined group with more than 12,000 staff members.

It will intend for cost savings of about ₤ 100m a year as a result of the purchase.
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888 said the acquisition would provide it "substantially improved exposure to sports wagering, the world's biggest and fastest growing online sector, with the addition of a renowned sports brand".

It also said William Hill's High Street presence was an essential element behind the move.
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Mr Panzer added: "Our strategies are likewise complementary, being digitally led, consumer focused, and devoted to player defense and raising industry standards around safer gaming.

"We are likewise delighted about the chances that the retail organization provides and see considerable brand advantages."

William Hill chief executive Ulrik Bengtsson said: "The Hill and 888 techniques are extremely complementary with an absolute focus on the item and client experience.
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"Scale is significantly important in our sector and the combination of business will supply a powerful positioning of brands and innovation."
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An auction for the non-US side of William Hill's business, that includes online operations throughout the UK and Europe, was initiated by Caesars Entertainment after it had actually acquired the betting giant in April for ₤ 2.9 bn.

The Caesars Palace gambling establishment owner only desired the firm's US operations and stated from the yohaig code outset that it planned to sell other parts of the company once the bet9ja's welcome offer had actually gone through, triggering a race to purchase.

Tom Reeg, president of Caesars Entertainment, stated that he was "happy" the company had "discovered an owner for the William Hill business outside the US which shares the exact same goals, techniques and longer-term ambitions of that business".

US personal equity firm Apollo was likewise in the running for the purchase of the European organization.
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888's takeover is still subject to investor approval, and it will also require to be provided the go-ahead by the yohaig code Financial Conduct Authority.

Lord Jon Mendelsohn, chair of 888, said: "We think the acquisition will produce significant value for investors, producing a combined company with leading innovation, items and brands throughout sports betting, gaming and poker, supported by top quality management talent from both services."
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Founded in 1934, the William Hill brand started when its founder established a postal and phone-based betting company.
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It opened its first betting shops in the UK in the mid-1960s, shortly after their presence on High Streets was made legal.

Questions had been raised about the value of the brand's bricks-and-mortar stores, which were mostly closed during the pandemic.

In August last year, the company said it would not be reopening 119 of its wagering stores after coronavirus lockdowns, saying it did not expect customers to return in the numbers seen before the pandemic.

William Hill to close 119 wagering stores

5 August 2020