The Times is reporting that internet wagering firm 888 Holdings has emerged victorious in the contest for William Hill’s continental business. 888’s triumphant offer surpassed £2 billion (equivalent to $2.76 billion), outmaneuvering competing entity Apollo Global Management. This all commenced when Caesars Entertainment procured William Hill for a staggering £2.9 billion—ranking among the most substantial transactions in the annals of the gaming sector. Nevertheless, Caesars swiftly indicated their sole interest in William Hill’s American holdings, signaling the divestiture of the European segment. Initially, projections estimated William Hill’s European operations to garner approximately £1.5 billion, but that figure rapidly escalated as numerous global sports wagering and casino gaming entities entered the fray. Earlier this year, German betting conglomerate Tipico was also rumored to be in contention, alongside other prominent players like Apollo Global Management and Betfred vying for the prize. However, with Advent International’s recent withdrawal, the bidding procedure transformed into a three-way competition between Apollo, 888, and CVC Capital Partners (collaborating with Tipico). Although Apollo was deemed a frontrunner and CVC possessed the advantage of prior William Hill ownership, the CVC-led bid was ultimately dismissed, leaving Apollo and 888 as the final two competitors.
To date, there has been no official statement from either 888 or William Hill regarding the speculation. However, in the course of last week’s financial results conference, 888’s chief executive, Itai Pazner, suggested they were poised for growth, stating: “Our position is one of strength, with a solid financial foundation, and we are prepared to capitalize on any appealing prospects that arise to further our successful strategy of organic expansion.”
Although the future of William Hill’s wagering shops is uncertain, 888 has previously indicated a willingness to retain the physical retail branch as an element of any agreement.
admin