888 Agrees to buy William Hill European Business
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888 consents to buy William Hill European business

9 September 2021
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888 Holdings has actually consented to buy William Hill's European company from its US owner in an offer worth ₤ 2.2 bn.

The online gambling firm stated the offer with gambling establishment huge Caesars Entertainment would consist of William Hill's 1,400 UK betting stores.

888 primary executive Itai Panzer stated the acquisition would "develop one of the world's leading online wagering and video gaming groups".
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The offer is set to a combined group with more than 12,000 workers.

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

888 stated the acquisition would provide it "considerably improved exposure to sports betting, the world's biggest and fastest growing online sector, with the addition of a renowned sports brand name".
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It likewise stated William Hill's High Street presence was a crucial aspect behind the relocation.
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Mr Panzer included: "Our techniques are likewise complementary, being digitally led, consumer focused, and committed to player protection and raising market requirements around safer gambling.

"We are likewise delighted about the opportunities that the retail business supplies and see substantial brand benefits."

William Hill president Ulrik Bengtsson said: "The William Hill and 888 techniques are highly complementary with an absolute concentrate on the product and client experience.

"Scale is significantly crucial in our sector and the mix of the organizations will provide a powerful positioning of brands and innovation."

An auction for the non-US side of William Hill's business, which consists of online operations throughout the UK and Europe, was started by Caesars Entertainment after it had actually obtained the gaming giant in April for ₤ 2.9 bn.

The Caesars Palace casino owner just wanted the firm's US operations and said from the start that it intended to sell other parts of the company once the deal had actually gone through, stimulating a race to purchase.

Tom Reeg, primary executive of Caesars Entertainment, stated that he was "pleased" the company had actually "found an owner for the William Hill service outside the US which shares the exact same objectives, techniques and longer-term aspirations of that company".

US personal equity company Apollo was likewise in the running for the purchase of the European company.
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888's takeover is still based on shareholder approval, and it will also need to be given the consent by the Financial Conduct Authority.

Lord Jon Mendelsohn, chair of 888, stated: "We think the acquisition will produce significant value for investors, producing a combined business with leading technology, products and brands throughout sports wagering, gaming and poker, supported by premium management talent from both businesses."

Founded in 1934, the William Hill brand name started out when its founder established a postal and phone-based wagering company.

It opened its first wagering stores in the UK in the mid-1960s, quickly after their presence on High Streets was made legal.
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Questions had actually been raised about the value of the brand's bricks-and-mortar shops, which were largely closed throughout the pandemic.

In August in 2015, the company said it would not be resuming 119 of its wagering stores after coronavirus lockdowns, saying it did not anticipate consumers to return in the numbers seen before the pandemic.

William Hill to close 119 wagering shops

5 August 2020
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