## 888 Secures William Hill’s International Holdings for $3.03 Billion
In a significant reshaping of the internet gambling sector, 888 Holdings has reached an agreement with Caesars Entertainment to acquire William Hill’s business operations beyond the United States for £2.2 billion (roughly $3.03 billion).
888 views this purchase as a fusion of “two legendary names,” establishing a worldwide online wagering and gaming giant. This action is anticipated to be revolutionary for 888, considerably broadening its footprint, diversifying its portfolio, and boosting revenue expansion.
The unified entity is projected to unlock substantial cost efficiencies, calculated at a minimum of £100 million yearly before taxes. 888 forecasts combined earnings of $2.5 billion and adjusted EBITDA of $464 million for 2020.
“This acquisition of William Hill International is a transformative and thrilling chapter in 888’s journey,” stated Itai Pazner, Chief Executive Officer of 888. “This agreement will establish a global online wagering and gaming frontrunner with superior scale, exceptional brands, enhanced diversification, and a foundation for robust growth.”
“William Hill is a celebrated sports name, making it the perfect counterpart to 888, one of the planet’s leading online gaming brands. We share a customer-focused approach to product development with an emphasis on digital leadership. Both companies are dedicated to player safety and elevating industry benchmarks surrounding responsible gambling.”
They were remarkably struck by the executive group at William Hill, and I am eager to collaborate with them and the broader William Hill staff to provide captivating offerings for our patrons utilizing their top-tier technology and brand power, and gain from our considerably augmented reach.”
Caesars indicated that the transaction, which remains contingent on the endorsement of 888 stakeholders and regulatory bodies, is projected to finalize in the initial quarter of 2022. Deutsche Bank and Linklaters are acting as financial and legal counsel to Caesars.
The Chairman of 888, Lord Jon Mendelsohn, remarked: “This acquisition offers a tremendous chance to merge our world-renowned gaming brand with a distinctive and legendary sports wagering brand to establish a global frontrunner in the online sports betting and gaming sphere.”
“We are confident that this union will yield substantial worth for our investors, with a consolidated enterprise possessing leading technology, products, and brands across sports wagering, gaming, and poker, bolstered by the exceptional management groups of both companies.”
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