888 has finally closed the deal to acquire William Hill’s non-US business from Caesar’s Entertainment after an 8-month long process for the sum of $730m. Initially, the bid with Caesar’s to acquire William Hill’s non-US business stood at $2.2bn, however after regulatory and economic factors, the price agreed saw a drop of £250m, and 888 won the bid after seeing off competition from Apollo Global Management.
Powerful, Global Betting and Gaming Business
888 Chair Lord Mendelsohn said, “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.”
888 has since reshuffled its executive team with the departure of former CEO and CFO Ulrik Bengtsson and Eric Hageman. Itai Pazner will continue his role as CEO, Yariv Dafna remains as CFO, Vaughan Lewis CSO, and Guy Cohen who took the interim role of COO will now be made permanent. Phil Walker UK Managing Director at William Hill since 2020 retains his position 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 propriety technology, and our world-class brands, gives us a powerful platform for growth. “I would like to thank Eric and Ulrik for the great job they have done at William Hill and I wish them well for the future.”