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888 set to purchase William Hill’s non-US assets for £2.2bn

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Caesars Entertainment will be selling off all of William Hill’s non-US assets to online operator 888 Holdings by 2022.

William Hill has been a household name in the gambling industry since 1934 when they first opened their doors and now also makes players happy as an online William Hill casino.

In April 2021, William Hill was purchased by Caesars Entertainment. Caesars made it clear that they would be looking to sell off all of William Hill’s non-US assets as quickly as possible. While there were talks of other companies stepping in to make a bid, 888 has won the right to purchase William Hill for more than £2.2 billion.

The deal, which is set to be complete within the first half of 2022, will include 1400 physical betting shops in the United Kingdom.

Purchase in the pipeline

There are a number of boxes that will need to be ticked before the purchase can be completed. Namely, 888 Holding’s shareholders will need to give their approval for the transaction and regulatory approvals will need to be confirmed too.

Caesars Entertainment has no doubt that the necessary measures will be met and that the transaction will proceed without a hitch.

"I'd like to personally thank Ulrik and all of the team at William Hill for their professionalism and dedication while they have been part of Caesars and particularly during the sale process," commented CEO of Caesars Entertainment, Tom Reeg.

"I am delighted that, as we said we would when we announced the offer for William Hill, we have found an owner for the William Hill business outside the US which shares the same objectives, approaches and longer-term ambitions of that business."

New opportunities for 888

Until now, 888 has exclusively been an online operator and a favourite 888 online casino. The move to purchase the non-US assets of William Hill proves that the business has its sights set on a larger prize.

By completing the purchase of William Hill from Caesars, the operator is hoping to “transform” themselves into a global betting and gaming leader. In order to achieve this, 888 had to secure funding from a number of sources.

Approximately £2.1 billion has been secured in fully committed debt financing from JP Morgan, Morgan Stanley, and Mediobanca. This includes term loans, bridge loans, and senior secured notes.

The operator has also secured more than £150 million in revolving credit.

Itai Pazner, 888 Chief Executive, commented on the upcoming acquisition:

“The acquisition of William Hill International is a transformational and hugely exciting moment in 888’s history. This transaction will create one of the world’s leading online betting and gaming groups with superior scale, exceptional brands, increased diversification, and a platform for strong growth.”

While shareholder approvals and regulatory restrictions must still be met, 888 has already received backing from its largest shareholder, Dalia Shaked Trust - putting them on the right track to fully secure the support they need.

“William Hill is an iconic sports brand, making it the ideal complement to 888, one of the leading global online gaming brands. Our strategies are also complementary, being digitally led, customer focused, and committed to player protection and raising industry standards around safer gambling,” continued Pazner.

It remains to be seen how 888 will fully utilise their new land-based presence but we’ll be sure to keep you updated as more news unfolds.

Published: September 17, 2021

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Article by Stelly

CasinoWow Contributor

Hey there! I am Stelly, and happily, I'm part of CasinoWow's content team. It excites me to be able to write and share with all gambling enthusiasts unbiased reviews and news that contribute to the gambling community and industry. Thankfully, I also have the chance to help you make an informed choice for casino brands and games, as well as provide interesting guides and news.

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