As reported by the publication, The Times, the internet gaming firm, 888 Holdings, has emerged victorious in the contest for William Hill’s continental business.
The triumphant offer from 888 exceeded £2 billion (equivalent to $2.76 billion), surpassing a competing proposal from Apollo Global Management.
The situation originated when Caesars Entertainment acquired William Hill for a substantial £2.9 billion – representing one of the most significant transactions in the annals of the gambling sector. However, shortly following the purchase, Caesars opted to divest the European segments of this prominent British bookmaker.
During the initial announcement of the sale, projections estimated that William Hill’s European division would garner approximately £1.5 billion. Nevertheless, a fierce bidding competition ensued, with numerous global sports wagering and casino gaming entities expressing interest.
Reports from earlier this year indicated that the German gaming conglomerate, Tipico, was also a potential buyer, while other industry giants like Apollo Global Management and Betfred emerged as prominent contenders.
Subsequently, following the withdrawal of Advent International, the competition narrowed down to a three-way race between Apollo, 888, and CVC Capital Partners (who had partnered with Tipico).
Despite Apollo being perceived as the frontrunner for a period and CVC possessing the advantage of prior ownership of William Hill, the CVC-led bid was ultimately rejected, leaving Apollo and 888 in a final confrontation.
Both firms have remained silent on the issue. However, during the previous week’s financial results discussion, 888’s chief executive, Itai Pazner, stated that the organization is “in an advantageous spot with the enterprise well-situated to further expedite that [expansion]… We possess a very robust financial standing and are prepared to explore any intriguing prospect that could potentially amplify the natural progression narrative we’ve been demonstrating over the past several years.”
Although the future of William Hill’s wagering establishments remains uncertain, 888 has signaled an inclination to sustain a physical market presence.
