## 888 Secures Deal for William Hill’s International Operations in a $3.03 Billion Agreement
The online gambling landscape undergoes a significant shift as 888 Holdings finalizes an agreement with Caesars Entertainment, acquiring William Hill’s business outside of the US for £2.2 billion (equivalent to $3.03 billion).
888 views this purchase as a game-changer. By uniting “two prominent industry players,” their goal is to establish a dominant force in digital wagering and gaming on a global scale. This strategic move is predicted to substantially expand their reach, broaden their product portfolio, and expedite revenue expansion.
The unified entity anticipates annual pre-tax cost synergies of no less than £100 million. 888 forecasts that in 2020, the newly formed organization would have yielded $2.5 billion in revenue and $464 million in adjusted EBITDA.
“Securing William Hill International marks a pivotal juncture in 888’s journey,” remarked Itai Pazner, Chief Executive Officer of 888. “This agreement will forge a global leader in online betting and gaming, characterized by considerable size, exceptional brand recognition, and a foundation for robust growth.”
“William Hill stands as an iconic name in sports, making it an ideal counterpart to 888, a global frontrunner in online gaming. We share a customer-first approach to digital operations and are dedicated to player safeguards and elevating industry benchmarks for responsible gaming.”
The William Hill team left a remarkably positive impression on us, and I eagerly anticipate collaborating with them and the broader William Hill staff. Together, we will utilize top-tier technology, a powerful brand reputation, and our considerably expanded reach to provide outstanding offerings for our clientele.”
Caesars Group emphasized that the deal necessitates endorsement from 888 Holdings stakeholders and regulatory bodies, with an anticipated finalization date within the initial quarter of 2022. Deutsche Bank and Linklaters are acting as financial and legal counsel to Caesars Group, respectively.
The Executive Chair of 888, Lord Jon Mendelsohn, remarked, “This acquisition offers a noteworthy chance to merge our globally recognized gaming brands with a distinctive and legendary sports wagering brand, establishing a worldwide frontrunner in the online sports wagering and gaming sector.”
He added, “We are certain that this acquisition will yield significant worth for our investors. The unified entity will possess cutting-edge technology, products, and brands spanning sports wagering, gaming, and poker, all supported by the skilled leadership groups of both organizations.”