11/20/2023 0 Comments 888 acquires william hill![]() to acquire the international (non-US) business of William Hill (WHI) at an enterprise value of £2.2 billion. The deal is expected to officially close this quarter, with a long stop date set of 30 June.LONDON, UK: 888 Holdings has entered into an agreement with Caesars Entertainment Inc. The business also said that its newfound scale would help it overcome a number of challenges, such as potential marketing restrictions.īy acquiring the UK’s largest retail bookmaker, 888 said the purchase would also represent “an attractive omni-channel opportunity in the UK”.įinally, the business said it expects significant cost synergies from the deal, including annual savings of £100m by 2025. In its prospectus for the merger, 888 said the deal would help it diversify by increasing its exposure to sports betting, while also enhancing its position in locally regulated markets. In addition, Caesars provided an indemnity on certain brands to offset any regulatory settlement that may result. This prompted the business to set aside £15m to cover any costs arising from this review. Most notably, it said that the William Hill business’ licence to operate in Great Britain was under review. This, it said, was due to a “change in the macro-economic and regulatory environment”. The approval comes just over a month after 888 and Caesars agreed to reduce the purchase price to acquire the assets by £250m, with the cash portion of the deal now set at £584.9m instead of £834.9m. ![]() “We look forward to completing this transformational acquisition at the end of June, creating a global online betting and gaming leader through the combination of two highly complementary businesses and two of the industry’s leading brands.” ![]() “We are delighted with the support of our shareholders for our proposed acquisition of William Hill and would like to thank them for their continued, constructive engagement as part of this process,” said Lord Mendelsohn, non-executive chairman of 888 Holdings. In total, 307.0 million votes – representing 99.7% of voting shares – were cast in favour of the deal, with only 819,264 cast against. Shareholders voted today (16 May) on the proposed acquisition. ![]()
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