As reported by The Times, 888 Holdings has emerged victorious in the contest for William Hill’s European business.
888’s triumphant offer surpassed £2 billion (equivalent to $2.76 billion), outmaneuvering competing bidder Apollo Global Management. The situation originated when Caesars Entertainment purchased William Hill for a staggering £2.9 billion – ranking among the largest gambling transactions ever! However, Caesars promptly listed William Hill’s European holdings for sale. Initially, their target was approximately £1.5 billion, but the figure escalated as prominent players in the global sports wagering and casino realm entered the fray.
Speculation circulated about Tipico from Germany joining the competition, alongside Apollo and Betfred. The situation became particularly captivating when Advent International withdrew, leaving Apollo, 888, and CVC Capital Partners (in collaboration with Tipico) as the remaining contenders.
Apollo appeared to be the frontrunner, especially considering CVC’s previous ownership of William Hill. Ultimately, CVC’s proposal was declined, resulting in a direct confrontation between Apollo and 888.
Despite the silence from both 888 and William Hill regarding the situation, 888’s chief executive, Itai Pazner, alluded to their advantageous standing for growth during a recent financial results discussion. He highlighted their strong offerings and positive fiscal status, implying their preparedness to capitalize on prospects that match their effective natural expansion approach.
Although the future of William Hill’s wagering establishments is uncertain, 888 has signaled a possible desire to retain a foothold in physical retail.
