888��30����Ԫ��������ϣ����ŷ�޵�λ

888 Holdings has reached an agreement with 바카라 giant Caesars Entertainment to acquire William Hill’s European operations.

The landmark deal, which includes William Hill’s 1,400 outlets in the UK, means online operator 888 will enter the retail channel for the first time. While many UK companies have closed their brick-and-mortar stores under the government’s crackdown, resulting in a loss of profitability, 888 plans to keep its brick-and-mortar stores operational.

CEO Itai Pazner said in an interview:

“It’s a stable business, positive cash flow, profitable �C very profitable �C so I see no reason not to keep this business and keep investing. It’s obviously not a significant growth business, but it’s a very stable business. He said this when referring to the physical store on the phone.

In the past, 888 has been a relatively small player in the UK betting market, dominated by companies such as Flutter Entertainment Plc and Entain Plc. The deal will allow 888 to use the William Hill brand outside of the US, combined with a group of more than 12,000 employees, and is estimated to save around ?100 million a year, while also potentially increasing revenue through enhanced customer proposition and product offerings.

The operator said the acquisition will allow it to “significantly enhance its exposure in the sports betting space, the largest and fastest-growing online segment in the world, and add an iconic sports brand to the company”.

Itai Pazner, CEO of 888, said: “The acquisition of William Hill International is a transformative and very exciting moment since 888 was founded. The transaction will shape a world-leading online betting and gaming group with exceptional scale, outstanding brands, greater diversity and strong growth platforms. ”

“William Hill is an iconic sports brand, which makes William Hill the ideal target for 888, one of the world’s leading online gaming brands. Our strategy is also complementary, digital-led, customer-centric, and committed to protecting players and raising industry standards around safe gaming. ”

Caesars Entertainment

Nearly a year ago, in a broader integration plan, Caesars Entertainment acquired William Hill for $3.7 billion; After the Supreme Court legalized sports betting in 2018, several U.S. companies snapped up London-listed groups in an effort to gain a head start in the fast-growing U.S. market. Caesar’s lack of interest in William Hill’s high street stores or non-US online businesses prompted Apollo Capital Management and CVC Capital Partners to join the bidding war with 888.

Tom Reeg, CEO of Caesars Group, said: “We have found an owner for William Hill’s business outside of the U.S., with the same goals, approach and long-term ambitions as the brand. ”

Funding

888 successfully secured a full debt financing of ?2.1 billion from JPMorgan Chase, Morgan Stanley and Mediobanca, including a ?1.6 billion term loan and a ?500 million bridge/senior secured note to fund the transaction. The online gambling site company has also secured a fully committed revolving credit facility of ?150 million and is trying to raise ?500 million in the near future through a capital increase and the issuance of new shares.

What’s next?

The acquisition is classified as a reverse takeover under the Financial Conduct Authority’s (FCA) listing rules and therefore still subject to approval from 888 shareholders. The betting company has revealed that it has the backing of its largest shareholder, founder Dalia Shaked Trust, who holds a 23% stake in the operator. In addition, 888 must also enter into an agreement with Caesars for the restructuring of William Hill’s U.S. and non-U.S. businesses.

Subject to meeting these conditions, 888 expects to complete the acquisition in the first half of 2022.

Pazner added, “We are very impressed with William Hill’s management team and I look forward to working with them and the rest of William Hill to create great products for our customers that are driven by best-in-class technology and a strong brand, and benefit from our significantly increased scale.”