It’s been a good year for 888 Holdings. Profits are up, it’s launching a new sportsbook with Sports Illustrated in Colorado and, if the latest news is correct, it’s about to become much more entrenched in the European market. According to a report by The Times, Caesars Entertainment has accepted 888’s offer for the purchase of all William Hill assets in the UK and Europe.
888 Approved for William Hill Purchase
After Caesars purchased William Hill in a deal worth over $3.7 billion, it immediately set out to reduce the operations under its control by putting the sports betting giant’s UK and European sectors up for sale. There was plenty of interest, with companies like Apollo Global, Betsson, Kindred and others showing interest. Among those doing more than just kicking the tires was 888, which has now been unofficially announced as the winner.
Apollo and 888 were the last two companies standing when Caesars began to seriously consider which offer to accept. The casino operator had always expected to pull down at least $2 billion from the sale of the UK and European operations of William Hill, and 888 was reportedly not shy in pulling out the wallet. According to the initial reports, which are surfacing today, the company is going to pay over $2.75 billion to take over William Hill in Europe.
A Huge Price Tag for a lot of Action
The price 888 is paying is significant, not only because Caesars recuperates much of the initial investment it made through the purchase of William Hill, but because 888 is going to have to buckle down and make it worthwhile. William Hill currently operates 1,400 betting locations and two sports betting portals, WilliamHill.com and MrGreen.com, all of which will be firing on all cylinders going forward.
The news comes right after 888 provided its most recent earnings report, at which time the company must have had an idea of what was coming, even if it didn’t hint at it. CEO Itai Pazner said when giving that update, perhaps forecasting the arrival of good news, “The Board remains confident that, with 888’s advanced technology, products and diversification across markets, the group remains well positioned to deliver further strategic progress during 2021 and beyond.”
The deal won’t be complete until all the requisite paperwork is done and regulators sign off on it. However, barring any unforeseen surprises, this should be a lock and 888 is about to become an even larger global gaming powerhouse.