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888 concurs to buy William Hill European business
bit.ly
9 September 2021
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888 Holdings has accepted purchase William Hill's European company from its US owner in a deal worth ₤ 2.2 bn.

The online gaming company stated the bet9ja's welcome offer with gambling establishment giant Caesars Entertainment would consist of William Hill's 1,400 UK betting stores.
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888 primary executive Itai Panzer said the acquisition would "develop one of the world's leading online wagering and video gaming groups".
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the yohaig code bet9ja's welcome offer is set to develop a combined group with more than 12,000 employees.

It will go for cost savings of about ₤ 100m a year as a result of the purchase.

888 said the acquisition would give it "significantly improved exposure to sports wagering, the world's biggest and fastest growing online sector, with the addition of a renowned sports brand name".

It also said William Hill's High Street presence was a crucial factor behind the move.

Mr Panzer included: "Our strategies are likewise complementary, being digitally led, customer focused, and devoted to gamer defense and raising market requirements around more secure gambling.

"We are likewise thrilled about the chances that the retail service supplies and see substantial brand advantages."

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

"Scale is increasingly important in our sector and the combination of the companies will provide a powerful alignment of brands and technology."

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

The Caesars Palace gambling establishment owner only wanted the company's US operations and said from the start that it planned to sell other parts of the business once the bet9ja's welcome offer had gone through, triggering a race to purchase.

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

US private equity firm Apollo was also in the running for the purchase of the European company.
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888's takeover is still subject to approval, and it will also need to be provided the yohaig code consent by the Financial Conduct Authority.

Lord Jon Mendelsohn, chair of 888, said: "We believe the acquisition will develop substantial value for shareholders, producing a combined business with leading technology, items and brands across sports wagering, video gaming and poker, supported by high quality management skill from both businesses."

Founded in 1934, the William Hill brand began when its founder established a postal and phone-based wagering service.

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

Questions had been raised about the worth of the brand's bricks-and-mortar shops, which were mostly closed throughout the pandemic.
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In August last year, the business said it would not be resuming 119 of its wagering stores after coronavirus lockdowns, saying it did not anticipate clients to return in the numbers seen before the yohaig code pandemic.
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William Hill to close 119 betting shops

5 August 2020