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

888 accepts purchase William Hill European company
bet9ja.com
9 September 2021

888 Holdings has accepted buy William Hill's European company from its US owner in a deal worth ₤ 2.2 bn.

The online gambling firm stated the yohaig code handle gambling establishment giant Caesars Entertainment would include William Hill's 1,400 UK betting stores.

888 president Itai Panzer stated the acquisition would "produce one of the world's leading online wagering and video gaming groups".
bit.ly
the yohaig code offer is set to develop a combined group with more than 12,000 employees.

It will aim for cost savings of about ₤ 100m a year as a result of the purchase.
bet9ja.com
888 said the acquisition would bet9ja's welcome offer it "considerably boosted exposure to sports wagering, the world's largest and fastest growing online sector, with the addition of a renowned sports brand".
bit.ly
It also said William Hill's High Street presence was an important aspect behind the move.
bet9ja.com
Mr Panzer included: "Our methods are likewise complementary, being digitally led, customer focused, and committed to gamer security and raising market requirements around safer betting.

"We are likewise thrilled about the opportunities that the retail company provides and see considerable brand advantages."

William Hill chief executive Ulrik Bengtsson stated: "The William Hill and 888 are highly complementary with an absolute concentrate on the product and consumer experience.

"Scale is significantly essential in our sector and the mix of business will supply an effective positioning of brands and innovation."

An auction for the non-US side of William Hill's organization, that includes online operations throughout the UK and Europe, was started by Caesars Entertainment after it had acquired the gambling giant in April for ₤ 2.9 bn.

The Caesars Palace gambling establishment owner only desired the firm's US operations and stated from the start that it meant to bet9ja's welcome offer other parts of the yohaig code service once the bet9ja's welcome offer had actually gone through, stimulating a race to purchase.

Tom Reeg, chief executive of Caesars Entertainment, stated that he was "happy" the company had "found an owner for the William Hill organization outside the US which shares the same goals, approaches and longer-term aspirations of that business".

US private equity firm Apollo was likewise in the running for the purchase of the European service.

888's takeover is still subject to shareholder approval, and it will likewise require to be given the consent by the Financial Conduct Authority.

Lord Jon Mendelsohn, chair of 888, stated: "We believe the acquisition will develop substantial worth for shareholders, producing a combined company with leading technology, items and brand names across sports betting, video gaming and poker, supported by top-notch management skill from both organizations."

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

It opened its first wagering shops in the UK in the mid-1960s, quickly after their existence on High Streets was made legal.

Questions had been raised about the worth of the brand name's bricks-and-mortar stores, which were largely closed during the pandemic.

In August last year, the company said it would not be resuming 119 of its betting shops after coronavirus lockdowns, saying it did not anticipate consumers to return in the numbers seen before the pandemic.
bet9ja.com
William Hill to close 119 wagering stores

5 August 2020
bet9ja.com