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

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888 accepts buy William Hill European organization

9 September 2021

888 Holdings has accepted purchase William Hill's European business from its US owner in an offer worth ₤ 2.2 bn.

The online gaming firm stated the handle casino huge Caesars Entertainment would consist of William Hill's 1,400 UK wagering shops.
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888 primary executive Itai Panzer stated the acquisition would "produce among the world's leading online betting and video gaming groups".
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the yohaig code bet9ja's welcome offer is set to produce a combined group with more than 12,000 staff members.

It will aim for cost savings of about ₤ 100m a year as a result of the purchase.
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888 said the acquisition would bet9ja's welcome offer it "considerably enhanced exposure to sports betting, the world's biggest and fastest growing online sector, with the addition of an iconic sports brand name".

It also stated William Hill's High Street existence was an essential aspect behind the move.
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Mr Panzer included: "Our techniques are also complementary, being digitally led, client focused, and committed to player defense and raising market requirements around more secure betting.
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"We are also excited about the opportunities that the retail service offers and see substantial brand name benefits."

William Hill president Ulrik Bengtsson said: "The William Hill and 888 methods are extremely complementary with an outright focus on the product and client experience.
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"Scale is increasingly essential in our sector and the combination of business will provide an effective positioning of brand names and technology."
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An auction for the non-US side of William Hill's company, that includes online operations across the UK and Europe, was initiated by Caesars Entertainment after it had obtained the betting giant in April for ₤ 2.9 bn.

The Caesars Palace gambling establishment owner only desired the company's US operations and stated from the start that it intended to bet9ja's welcome offer other parts of the yohaig code business once the deal had actually gone through, triggering a race to buy.

Tom Reeg, president of Caesars Entertainment, said that he was "delighted" the firm had "discovered an owner for the William Hill service outside the US which shares the same goals, methods and longer-term aspirations of that company".

US private equity company Apollo was also in the running for the purchase of the European service.
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888's takeover is still based on shareholder approval, and it will also require to be given the go-ahead by the Financial Conduct Authority.

Lord Jon Mendelsohn, chair of 888, said: "We think the acquisition will create substantial worth for investors, producing a combined organization with leading innovation, products and brand names across sports betting, video gaming and poker, supported by top quality management talent from both businesses."

Founded in 1934, the William Hill brand name began when its creator established a postal and phone-based betting organization.

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

Questions had actually been raised about the yohaig code worth of the brand's bricks-and-mortar stores, which were mostly closed throughout the pandemic.

In August in 2015, the company stated it would not be 119 of its betting stores after coronavirus lockdowns, stating it did not anticipate customers to return in the numbers seen before the pandemic.

William Hill to close 119 wagering shops

5 August 2020
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