888 Holdings is confident that it will complete William Hill’s business acquisition located outside the United States in Q2, 2022. William Hill’s non-US assets became available after Caesars Entertainment acquired the brand in 2020 for approximately $4 billion but decided to focus on the US market exclusively and put the global business up for sale.
William Hill non-US Assets to Soon Be 888’s
888’s bid has been the most compelling allowing the company to secure a hefty portfolio boost. While the initial deadline was set for Q1, 2022, 888 has had to revise this and defer it by a few months. A shareholder vote is still to be held so that the deal can be formally sealed.
This is expected to take place in the second quarter as well. 888 will also seek to generate $676 million in new equity. This, though, seems like no hurdle at all because the company has already cleared all competition authorities and regulators’ extensive checks, all of which greenlighted the acquisition.
The deal is valued at $3 billion, and the sum will be paid to Caesars, which also owns the non-US business. 888 Holdings CEO Itai Pazner hailed the deal as a transformative experience, adding:
“This transaction will create one of the world’s leading online betting and gaming groups with superior scale, exceptional brands, increased diversification and a platform for strong growth.”
888 Holdings CEO Itai Pazner
Outbidding the Competition
888 managed to outbid Apollo Global, Kindred, and Betsson, all of which have shown interest or tabled offers for the assets. William Hill has been a leading brand in the international gaming space and one of the early overseas brands to start making strong moves in the fledgling gambling market in the United States.
Since then, though, new gambling behemoths have emerged, and the Caesars names have become synonymous with excellence in the gambling sector in the United States. The nativization of gambling operations under the banner of the most prominent brands in each region makes a lot of sense as the industry continues to see multi-billion consolidations.