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888 consents to buy William Hill European business

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

The online gaming company said the handle casino giant Caesars Entertainment would include William Hill's 1,400 UK wagering shops.

888 primary executive Itai Panzer said the acquisition would "produce among the world's leading online betting and gaming groups".

The offer is set to develop a combined group with more than 12,000 workers.

It will go for savings of about ₤ 100m a year as a result of the purchase.

888 said the acquisition would give it "considerably boosted exposure to sports betting, the world's biggest and fastest growing online section, with the addition of an iconic sports brand".

It also said William Hill's High Street existence was an essential aspect behind the move.
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Mr Panzer added: "Our methods are likewise complementary, being digitally led, consumer focused, and committed to player protection and raising industry requirements around much safer betting.
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"We are also excited about the opportunities that the retail business provides and see significant brand name advantages."
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William Hill chief executive Ulrik Bengtsson said: "The William Hill and 888 techniques are extremely complementary with an absolute concentrate on the product and client experience.

"Scale is progressively important in our sector and the combination of business will supply an effective alignment of brands and innovation."

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 gotten the gaming giant in April for ₤ 2.9 bn.

The Caesars Palace casino owner only desired the company's US operations and stated from the outset that it intended to offer other parts of business once the offer had gone through, stimulating a race to purchase.
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Tom Reeg, chief executive of Caesars Entertainment, said that he was "happy" the company had actually "found an owner for the William Hill company outside the US which shares the same objectives, techniques and longer-term aspirations of that service".

US private equity firm Apollo was likewise in the running for the purchase of the European service.

888's takeover is still subject to shareholder approval, and it will also need to be provided the consent by the Financial Conduct Authority.
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Lord Jon Mendelsohn, chair of 888, stated: "We believe the acquisition will produce significant value for shareholders, creating a combined organization with leading technology, items and brand names throughout sports wagering, video gaming and poker, supported by high quality management talent from both companies."

Founded in 1934, the William Hill brand started when its founder established a postal and phone-based wagering company.

It opened its first wagering shops in the UK in the mid-1960s, soon after their existence on High Streets was made legal.

Questions had actually been raised about the value of the brand name's bricks-and-mortar stores, which were mainly closed throughout the pandemic.
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In August in 2015, the company stated it would not be resuming 119 of its betting stores after coronavirus lockdowns, stating it did not anticipate consumers to return in the numbers seen before the .

William Hill to close 119 wagering shops

5 August 2020