888 Holdings to Acquire William Hill’s International Assets in $3 Billion Deal
888 Holdings is poised to purchase William Hill’s international holdings in a colossal agreement valued at $3.03 billion. This tactical maneuver will witness 888 assimilating William Hill’s enterprises beyond the borders of the United States.
This procurement unites two titans within the realm of digital wagering and interactive entertainment. 888 envisions this amalgamation forging a worldwide powerhouse, substantially broadening their scope, product catalog, and income channels.
This action is anticipated to yield considerable expense reductions, approximated at exceeding $1 billion per annum. The unified might of these corporations is projected to attract a staggering $2.5 billion in earnings in 2020 alone, with adjusted EBITDA attaining $464 million.
Itai Pazner, Chief Executive Officer of 888, characterized the acquisition as a “pivotal juncture” for the organization. He underscored the establishment of a global online betting frontrunner, boasting amplified scale, influential brands, and a varied product assortment primed for robust expansion.
Pazner further emphasized the synergistic essence of both entities, commending William Hill’s legendary sports wagering brand and aligning it with 888’s prominent online gaming presence. Both firms share a digitally-driven, customer-focused methodology, with a steadfast dedication to ethical gaming and elevating industry benchmarks.
The team at William Hill made a significant impact on us, and I am thrilled to collaborate with them and the broader William Hill organization. We have a remarkable chance to provide our clients with something genuinely extraordinary by fusing our cutting-edge technology with their strong brand awareness.”
Caesars Group stressed that the agreement, which is anticipated to close in the first quarter of 2022, is still awaiting approval from 888 stakeholders and regulatory agencies. Caesars Group received financial and legal guidance from Deutsche Bank and Linklaters, respectively.
Lord Jon Mendelsohn, Executive Chair of 888, expressed his excitement, stating, “This acquisition presents a fantastic prospect. Combining our world-class gaming brands with such a recognizable and renowned sports betting brand establishes a genuine global powerhouse in the online sports betting and gaming sector.”
He added, “We are confident that this merger will generate substantial value for our shareholders. The combined entity will possess industry-leading technology, product, and brand portfolios spanning sports betting, casino, and poker, all supported by the expertise of both companies’ leadership teams.”