888-consents-to-purchase-william-hill-european-business

1 888 Consents to Purchase William Hill European Business

bet9ja.com
888 accepts buy William Hill European business

9 September 2021

888 Holdings has accepted purchase William Hill's European service from its US owner in a deal worth ₤ 2.2 bn.
bit.ly
The online gambling firm said the offer with casino giant Caesars Entertainment would include William Hill's 1,400 UK betting stores.
bet9ja.com
888 president Itai Panzer stated the acquisition would "create one of the world's leading online betting and gaming groups".
bet9ja.com
The offer is set to develop a combined group with more than 12,000 employees.

It will go for cost savings of about ₤ 100m a year as a result of the yohaig code purchase.
bit.ly
888 said the acquisition would give it "considerably improved direct exposure to sports wagering, the world's biggest and fastest growing online segment, with the addition of a renowned sports brand name".

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

Mr Panzer included: "Our methods are also complementary, being digitally led, consumer focused, and committed to gamer defense and raising market standards around much safer gambling.
bet9ja.com
"We are likewise excited about the opportunities that the retail organization offers and see considerable brand benefits."

William Hill president Ulrik Bengtsson said: "The William Hill and 888 strategies are highly complementary with an outright focus on the item and consumer experience.
bet9ja.com
"Scale is significantly crucial in our sector and the combination of the organizations will supply a powerful positioning of brand names and innovation."
bet9ja.com
An auction for the non-US side of William Hill's organization, which consists of online operations throughout the UK and Europe, was started by Caesars Entertainment after it had acquired the yohaig code gambling giant in April for ₤ 2.9 bn.

The Caesars Palace casino owner only desired the yohaig code firm's US operations and stated from the start that it planned to bet9ja's welcome offer other parts of business once the bet9ja's welcome offer had gone through, stimulating a race to buy.
bit.ly
Tom Reeg, president of Caesars Entertainment, stated that he was "pleased" the firm had "found an owner for the William Hill company outside the US which shares the very same objectives, methods and longer-term aspirations of that business".

US personal equity company Apollo was likewise in the running for the purchase of the European business.

888's takeover is still based on investor approval, and it will also require to be provided the consent by the Financial Conduct Authority.

Lord Jon Mendelsohn, chair of 888, stated: "We believe the acquisition will produce significant worth for shareholders, creating a combined business with leading technology, items and brand names across sports wagering, gaming and poker, supported by leading quality management skill from both businesses."

Founded in 1934, the William Hill brand began out when its founder established a postal and phone-based betting service.

It opened its first betting stores in the UK in the mid-1960s, shortly after their existence on High Streets was made legal.
bet9ja.com
Questions had actually been raised about the value of the brand's bricks-and-mortar shops, which were mainly closed during the pandemic.

In August last year, the company said it would not be reopening 119 of its wagering stores after coronavirus lockdowns, saying it did not expect consumers to return in the numbers seen before the pandemic.

to close 119 wagering shops

5 August 2020