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888 Consents to Purchase William Hill European Business

888 consents to buy William Hill European business

9 September 2021

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888 Holdings has consented to buy William Hill’s European organization from its US owner in an offer worth ₤ 2.2 bn.

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The online gambling company stated the yohaig code offer with gambling establishment giant Caesars Entertainment would consist of William Hill’s 1,400 UK wagering shops.

888 president Itai Panzer said the acquisition would “develop one of the world’s leading online betting and video gaming groups”.

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

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

888 stated the acquisition would provide it “substantially improved direct exposure to sports betting, the world’s biggest and fastest growing online sector, with the addition of a renowned sports brand”.

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It also stated William Hill’s High Street presence was a crucial factor behind the move.

Mr Panzer included: “Our techniques are also complementary, being digitally led, client focused, and dedicated to player protection and raising industry requirements around much safer gaming.

“We are likewise excited about the opportunities that the retail service offers and see considerable brand name benefits.”

William Hill chief executive Ulrik Bengtsson said: “The William Hill and 888 are highly complementary with an outright focus on the item and consumer experience.

“Scale is increasingly crucial in our sector and the mix of business will provide an effective positioning of brand names and technology.”

An auction for the non-US side of William Hill’s company, that includes online operations throughout the UK and Europe, was started by Caesars Entertainment after it had actually acquired the gaming giant in April for ₤ 2.9 bn.

The Caesars Palace casino owner just wanted the company’s US operations and said from the start that it intended to offer other parts of business once the bet9ja’s welcome offer had actually gone through, sparking a race to purchase.

Tom Reeg, president of Caesars Entertainment, said that he was “happy” the firm had “found an owner for the William Hill business outside the US which shares the exact same objectives, methods and longer-term aspirations of that company”.

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US private equity company Apollo was likewise in the running for the purchase of the European business.

888’s takeover is still subject to shareholder approval, and it will also need to be given the consent by the Financial Conduct Authority.

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Lord Jon Mendelsohn, chair of 888, said: “Our company believe the acquisition will produce substantial value for investors, producing a combined organization with leading innovation, products and brands throughout sports wagering, gaming and poker, supported by top-notch management skill from both companies.”

Founded in 1934, the William Hill brand started out when its founder set up a postal and phone-based betting organization.

It opened its very first betting stores in the UK in the mid-1960s, soon after their presence on High Streets was made legal.

Questions had actually been raised about the worth of the brand’s bricks-and-mortar stores, which were mainly closed during the pandemic.

In August last year, the business said it would not be resuming 119 of its betting stores after coronavirus lockdowns, saying it did not anticipate clients to return in the numbers seen before the pandemic.

William Hill to close 119 betting shops

5 August 2020

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  • Company Size 500 ~ 2000 employees
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