Online gambling company 888 Holdings has announced that it has completed the acquisition of William Hill’s non-US assets from Caesars Entertainment in a deal worth £1.95 billion (€2.25/$2.35 billion).
Merger was first agreed in September 2021
888 had agreed the acquisition in September of 2021. The original price for the deal was £2.2 billion (€2.53 billion), but both parties later agreed to reduce the price by £250 million (€288.1 million). This saw the cash portion of the deal reduced from £834.9 million (€962.5 million) to £584.9 million (€674.2 million). At the time, a “change in the macro-economic and regulatory environment” was cited as the main reason for the reduction but it also coincided with a period when William Hill’s license was under review.
Following full approval by shareholders, the deal has now been finalized and a leadership team for the new business announced.
In a statement issued to its investors, 888 chief executive officer Itai Pazner said:
“I am delighted to announce the completion of our transformational combination with William Hill. We have built an outstanding leadership team, combining strengths from across both businesses, and as I look at the future, the combination of our product and content leadership, powered by our proprietary technology, and our world class brands, gives us a powerful platform for growth.
888 chair Lord Mendehlson went on to add:
“This combination brings together two high quality businesses to create a powerful, global betting and gaming business. We believe the acquisition will create significant value for shareholders, creating a combined business with leading technology, products and brands across sports betting and gaming. With a top quality management team, formed from talent from across both businesses, I am confident about our future plans.”
Pazner will remain as chief executive of 888 following the merger while former William Hill CEO Ulrik Bengtsson will leave the business as will William Hill chief financial officer Eric.
Pazner thanked both in his statement saying:
“I’d like to thank Ulrik and Eric for the great job they have done at William Hill and I wish them well for the future.”
888 announced that chief financial officer Yariv Dafa, chief operating officer Guy Cohen and chief strategy officer Vaughan Lewis will remain in the current positions. The company has also announced that Harinder Gill has left his position at Revolut to become 888’s new chief risk officer.
William Hill’s chief people officer Mark Skinner and chief product and technology officer Satty Bhens will also remain with the company but will move into new roles which have yet to be announced.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.