888-accepts-buy-william-hill-european-business

888 consents to buy William Hill European service

9 September 2021
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888 Holdings has consented to purchase William Hill's European service from its US owner in a deal worth ₤ 2.2 bn.

The online gaming company said the deal with gambling establishment giant Caesars Entertainment would consist of William Hill's 1,400 stores.

888 chief executive Itai Panzer said the acquisition would "develop one of the yohaig code world's leading online wagering and gaming groups".

The deal is set to develop a combined group with more than 12,000 employees.

It will aim for savings of about ₤ 100m a year as a result of the purchase.
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888 stated the acquisition would provide it "considerably enhanced direct exposure to sports betting, the world's largest and fastest growing online sector, with the addition of an iconic sports brand name".

It also said William Hill's High Street existence was an essential aspect behind the move.

Mr Panzer included: "Our techniques are also complementary, being digitally led, customer focused, and committed to player defense and raising industry standards around safer gaming.
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"We are also excited about the opportunities that the retail business offers and see significant brand name benefits."

William Hill president Ulrik Bengtsson stated: "The William Hill and 888 techniques are extremely complementary with an outright concentrate on the item and client experience.

"Scale is progressively essential in our sector and the mix of business will supply an effective alignment of brand names and innovation."
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An auction for the non-US side of William Hill's service, that includes online operations across the UK and Europe, was initiated by Caesars Entertainment after it had obtained the betting giant in April for ₤ 2.9 bn.

The Caesars Palace gambling establishment owner only desired the company's US operations and stated from the outset that it intended to bet9ja's welcome offer other parts of business once the bet9ja's welcome offer had actually gone through, sparking a race to purchase.

Tom Reeg, chief executive of Caesars Entertainment, said that he was "thrilled" the company had actually "discovered an owner for the William Hill service outside the US which shares the very same goals, techniques and longer-term ambitions of that service".

US personal equity firm Apollo was likewise in the running for the purchase of the European organization.

888's takeover is still subject to shareholder approval, and it will likewise require to be provided the consent by the Financial Conduct Authority.

Lord Jon Mendelsohn, chair of 888, stated: "We believe the acquisition will create considerable worth for shareholders, developing a combined organization with leading technology, products and brand names across sports wagering, video gaming and poker, supported by premium management talent from both services."
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Founded in 1934, the William Hill brand started when its founder set up a postal and phone-based wagering business.

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

In August in 2015, the business said it would not be reopening 119 of its wagering stores after coronavirus lockdowns, stating it did not anticipate clients to return in the numbers seen before the pandemic.
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William Hill to close 119 wagering shops

5 August 2020
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