Tue, 07 Sep 2021 | DIVISION SALE
Betting firm 888 Holdings has confirmed that it is in “advanced discussions” to acquire the European business of William Hill from new owner Caesars Entertainment.
In a statement to the London Stock Exchange (LSE), 888 said: “888 notes the recent press speculation and confirms that it is in advanced discussions with Caesars Entertainment regarding a possible acquisition of the international (non-US) business of William Hill.”
However, responding to reports that a £2 billion deal had been agreed for the international business, the company added: “There can be no certainty that these advanced discussions will result in a transaction. A further announcement will be made as and when appropriate.”
Reports had suggested that 888 had beaten out competition from Apollo Global Management and CVC Capital Partners (working with German betting firm Tipico) to acquire the assets.
The assets, which include William Hill’s 1,400 UK and Ireland shops and UK and EU online business, were put up for auction shortly after Caesars completed its £2.9 billion acquisition of William Hill earlier this year.
Caesars acquired William Hill in May but only held an interest in the firm’s US operations and immediately began seeking a buyer for the non-US business. Caesars had an existing joint venture with William Hill in the US prior to the acquisition.
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