888 accepts buy William Hill European service

9 September 2021

888 Holdings has agreed to purchase William Hill's European organization from its US owner in an bet9ja's welcome offer worth ₤ 2.2 bn.
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The online gaming firm stated the handle casino huge Caesars Entertainment would consist of William Hill's 1,400 UK betting shops.

888 chief executive Itai Panzer stated the acquisition would "create one of the world's leading online wagering and gaming groups".

The offer is set to produce a combined group with more than 12,000 staff members.

It will intend for cost savings of about ₤ 100m a year as an outcome of the purchase.
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888 said the acquisition would offer it "considerably enhanced direct exposure to sports wagering, the yohaig code world's largest and fastest growing online segment, with the addition of an iconic sports brand".
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It also said William Hill's High Street presence was an essential element behind the relocation.
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Mr Panzer added: "Our methods are also complementary, being digitally led, consumer focused, and committed to player security and raising market requirements around much safer betting.

"We are likewise excited about the chances that the retail service provides and see substantial brand name benefits."

William Hill chief executive Ulrik Bengtsson stated: "The William Hill and 888 methods are highly complementary with an outright focus on the item and client experience.

"Scale is significantly important in our sector and the combination of the services will provide a powerful alignment of brands and innovation."

An for the non-US side of William Hill's company, that includes online operations across the UK and Europe, was initiated by Caesars Entertainment after it had actually obtained the gaming giant in April for ₤ 2.9 bn.
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The Caesars Palace casino owner only desired the company's US operations and said from the beginning that it intended to sell other parts of the yohaig code organization once the offer had actually gone through, stimulating a race to buy.

Tom Reeg, primary executive of Caesars Entertainment, said that he was "thrilled" the company had "found an owner for the William Hill organization outside the US which shares the exact same goals, approaches and longer-term aspirations of that organization".
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US private equity firm Apollo was likewise in the running for the purchase of the European service.

888's takeover is still subject to shareholder approval, and it will also require to be provided the go-ahead by the Financial Conduct Authority.
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Lord Jon Mendelsohn, chair of 888, said: "Our company believe the acquisition will produce significant worth for shareholders, developing a combined business with leading technology, products and brands across sports betting, video gaming and poker, supported by top quality management skill from both companies."

Founded in 1934, the William Hill brand began when its creator established a postal and phone-based wagering company.

It opened its first betting shops in the UK in the mid-1960s, shortly after their presence on High Streets was made legal.

Questions had been raised about the worth of the brand name's bricks-and-mortar stores, which were largely closed during the pandemic.

In August in 2015, the company stated it would not be reopening 119 of its wagering shops after coronavirus lockdowns, stating it did not expect customers to return in the numbers seen before the pandemic.

William Hill to close 119 wagering shops

5 August 2020