It’s been a good year for 888 Holdings. Profits have increased, it is launching a new sports betting company in Sports Illustrated in Colorado, and if the latest news is correct, it will be much more firmly anchored in the European market. According to a Times report, Caesars Entertainment has accepted 888’s offer to purchase all of William Hill’s assets in the UK and Europe.
888 approved for William Hill purchase
After Caesars William Hill was worth over 3.7 billion, the interest was great, companies like Apollo Global, Betsson, Kindred and others showed interest. Among those who did more than just step on 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 seriously considering which offer to accept. The casino operator had always expected to raise at least $ 2 billion from sales of William Hill’s UK and European operations, and 888 was reportedly not shy about pulling out the wallet. According to initial reports surfacing today, the company will pay over $ 2.75 billion to acquire William Hill in Europe.
A huge price tag for lots of action
The price 888 pays is substantial, not only because Caesars is recovering much of the initial investment it made in buying William Hill, but also because 888 has to buckle up and be well worth it. William Hill currently operates 1,400 betting sites and two sports betting portals, WilliamHill.com and MrGreen.com, all of which will be running at full speed in the future.
The news comes right after 888 released its last earnings report, which the company must have had some idea of what was to come, even if it didn’t make it known. As CEO Itai Pazner gave this update, predicting possibly good news, “The board remains confident that with the advanced technology, products and diversification across markets, the group is well positioned to make further strategic advances in 2021 and beyond to achieve. ”
The deal won’t be finalized until all of the required paperwork is done and regulators have signed it. However, barring any unforeseen surprises, this should be a lockdown and 888 is set to become an even bigger global gaming powerhouse.