Online betting company 888 said the acquisition of William Hill’s European business will include more than 12,000 employees and annual revenues of £1.8 billion (US$2.5 billion). It will also give 888 its first brick-and-mortar properties, according to the Guernsey Press.
If discussions progress as they have, 888 believes it will complete its £2.2 billion takeover in the first quarter of 2022. 888 hopes to bring in £500 million for the acquisition by selling stock prior to completing the deal.
At that point, 1,400 William Hill betting shops will return to British hands. The shops have been part of Las Vegas-based Caesars Entertainment since Caesars acquired William Hill in April for £2.9 billion.
In a note to 888 shareholders, 888 noted that it has received all mandatory antitrust and gaming regulatory clearances.
Itai Pazner, CEO of 888, said the transaction “will create one of the world’s leading online betting and gaming groups with superior scale, leading technology, increased diversification and a platform for strong growth, supported by a portfolio of iconic brands.”
