888 Holdings Wins Bidding War for William Hill’s European Operations

As reported by The Times, 888 Holdings has triumphed in the contest for William Hill’s continental operations.

888’s offer, surpassing £2 billion (equivalent to $2.76 billion), outmaneuvered competing bidder Apollo Global Management. This follows Caesars Entertainment’s acquisition of William Hill for a hefty £2.9 billion in one of the most substantial gaming industry mergers ever, but swiftly moved to divest the British bookmaker’s non-UK assets.

Originally, when the sale was declared, William Hill’s European business was projected to garner approximately £1.5 billion, but a bidding competition rapidly ensued with numerous global sports wagering and casino gaming entities joining the fray.

Earlier this year, accounts emerged that German gaming conglomerate Tipico had also entered the race, alongside other major contenders such as Apollo Global Management and Betfred.

Nevertheless, with Advent International recently withdrawing, the bidding transformed into a three-way contest between Apollo, 888, and CVC Capital Partners (collaborating with Tipico).

Apollo was deemed the favorite to secure the bid, while CVC possessed the benefit of previously holding ownership of William Hill. However, the CVC-led bid was dismissed, leaving Apollo and 888 in a final confrontation.

Although neither 888 nor William Hill have released statements regarding the details of the agreement, 888’s CEO Itai Pazner alluded to their aspirations during a recent financial results conference. He mentioned that the organization is in a favorable spot for growth due to their offerings and robust financial standing, and are poised to leverage opportunities to expedite their expansion.

While the destiny of William Hill’s physical betting locations remains unclear, 888 has previously suggested that they could maintain a footprint in the brick-and-mortar wagering sector.