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888 accepts purchase William Hill European service
9 September 2021
888 Holdings has actually accepted purchase William Hill's European business from its US owner in a deal worth ₤ 2.2 bn.
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The online betting company said the deal with casino huge Caesars Entertainment would consist of William Hill's 1,400 UK betting shops.
888 president Itai Panzer said the acquisition would "create one of the world's leading online betting and video gaming groups".
The deal is set to create a combined group with more than 12,000 staff members.
It will go for savings of about ₤ 100m a year as a result of the purchase.
888 said the acquisition would give it "significantly boosted exposure to sports betting, the world's biggest and fastest growing online sector, with the addition of an iconic sports brand".
It likewise said William Hill's High Street existence was an important factor behind the relocation.
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Mr Panzer included: "Our techniques are likewise complementary, being digitally led, customer focused, and committed to player protection and raising market standards around safer betting.
"We are likewise thrilled about the chances that the retail company provides and see significant brand advantages."
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William Hill president Ulrik Bengtsson stated: "The William Hill and 888 techniques are extremely complementary with an absolute focus on the item and customer experience.
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"Scale is increasingly essential in our sector and the combination of the organizations will bet9ja's welcome offer an effective positioning of brand names and technology."
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An auction for the non-US side of William Hill's organization, that includes online operations across the UK and Europe, was initiated by Caesars Entertainment after it had obtained the yohaig code gaming giant in April for ₤ 2.9 bn.
The Caesars Palace gambling establishment owner just desired the company's US operations and said from the start that it meant to offer other parts of business once the bet9ja's welcome offer had gone through, sparking a race to purchase.
Tom Reeg, primary executive of Caesars Entertainment, said that he was "pleased" the firm had "discovered an owner for the yohaig code William Hill service outside the US which shares the exact same goals, methods and longer-term aspirations of that company".
US personal equity company Apollo was also in the running for the purchase of the European service.
888's takeover is still based on shareholder approval, and it will also require to be offered the go-ahead by the Financial Conduct Authority.
Lord Jon Mendelsohn, chair of 888, said: "We believe the acquisition will develop considerable worth for shareholders, developing a combined organization with leading technology, products and brand names across sports wagering, gaming and poker, supported by top quality management skill from both companies."
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Founded in 1934, the William Hill brand began when its creator set up a postal and phone-based wagering company.
It opened its very first wagering shops in the UK in the mid-1960s, quickly after their existence on High Streets was made legal.
Questions had actually been raised about the worth of the brand name's bricks-and-mortar stores, which were largely closed throughout the pandemic.
In August in 2015, the company said it would not be reopening 119 of its wagering shops after coronavirus lockdowns, saying it did not anticipate clients to return in the numbers seen before the pandemic.
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William Hill to close 119 stores
5 August 2020
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888 Consents to buy William Hill European Business
yasminbryce68 edited this page 2025-10-20 08:46:20 +00:00