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888 Holdings said it has agreed to buy the non-US operations of William Hill from owner Caesars Entertainment for an enterprise value of £2.2bn, including debt.
The Gibraltar-based online gambling operator said it will keep the UK bookmaker’s 1,400 retail shops and use them to develop an “omnichannel” experience and as a handy source for acquisition of new players.
The company, which until now has been strictly online, fended off bids from Tipico owner CVC and Apollo Global Management, and the deal was confirmed today (September 9).
The deal is expected to close in the first half of 2022, with approvals needed from shareholders and gambling regulators. Caesars also needs to reorganise William Hill itself to separate US and non-US assets.
“This transaction will create one of the world's leading online betting and gaming groups with superior scale, exceptional brands, increased diversification and a platform for strong growth,” said 888 chief executive Itai Pazner.
“We are also excited about the opportunities that the retail business provides and see significant brand benefits to the enlarged group from its large estate,” he said.
“Scale is increasingly important in our sector and the combination of the businesses will provide a powerful alignment of brands and technology,” said Ulrik Bengtsson, CEO of William Hill International.
Besides its home market of the UK, William Hill operates in Italy, Spain, the Nordic countries and recently launched operations in Latin America. Its Mr Green online unit is active in a number of European countries.
888 said the deal will add heft to its sports-betting operations, give it improved positions across regulated markets and expand its positions in Italy, Spain and the UK.
