## 888 Holdings Secures William Hill’s International Operations in a $3 Billion Transaction
In a major development, 888 Holdings has reached an agreement with Caesars Entertainment to purchase William Hill’s business segments outside of the United States for £2.2 billion (roughly $3.03 billion).
This strategic takeover seeks to unite two titans of the online wagering and gaming sector, establishing a global force. 888 views this amalgamation as a transformative prospect, substantially broadening their footprint, diversifying their product range, and expediting revenue expansion.
The unified entity is forecasted to unlock substantial cost efficiencies, projected at a minimum of £100 million yearly before taxes. 888 anticipates that the consolidated group would have yielded $2.5 billion in revenue and $464 million in adjusted EBITDA during 2020.
Itai Pazner, Chief Executive Officer of 888, conveyed his excitement, remarking, “The acquisition of William Hill International represents a transformative and exhilarating juncture in 888’s journey. This agreement will forge a global online betting and gaming frontrunner with amplified scale, premier brands, and a resilient foundation for future expansion.”
He further underscored the strategic harmony of both entities, highlighting their mutual emphasis on digital dominance, customer-centricity, and dedication to responsible gaming. “William Hill stands as an iconic sports brand, rendering it an ideal counterpart to 888, one of the world’s preeminent online gaming brands. We share a customer-driven, digital-first approach to growth, and we are devoted to player protection and elevating the standards of safer gambling throughout the industry.”
“The leadership group at William Hill left a positive mark, and I am enthusiastic about collaborating with them and the broader William Hill staff to capitalize on our collective assets – cutting-edge technology, robust brands, and considerably augmented reach – to forge an unparalleled proposition for our clientele.”
The transaction, contingent upon stakeholder and regulatory consent, is projected to finalize in the initial quarter of 2022. Deutsche Bank and Linklaters are acting as counsel to Caesars.
Lord Jon Mendelsohn, 888 Chairman, remarked: “This presents a transformative prospect to merge our world-renowned gaming brand with a distinctive and legendary sports wagering brand to establish a global online sports wagering and gaming frontrunner.
“We are confident that this union will generate substantial value for our investors, forming a unified entity possessing leading technology, offerings, and brands spanning sports wagering, gaming, and poker, bolstered by top-tier management teams from both enterprises.”