As reported by The Times, 888 Holdings has triumphed in the contest for William Hill’s continental business.
888’s offer, exceeding £2 billion (equivalent to $2.76 billion), outpaced competing bidder Apollo Global Management. The situation originated when Caesars Entertainment purchased William Hill for a massive £2.9 billion, representing one of the most substantial transactions in the annals of the gaming sector. However, Caesars swiftly opted to divest the European division of this UK bookmaking powerhouse. Preliminary projections estimated that William Hill’s European enterprise would garner approximately £1.5 billion. Nevertheless, the rivalry intensified considerably as global sports wagering and casino gaming entities entered the fray.
Reports earlier this year indicated that German gaming conglomerate Tipico had joined the pursuit, supplementing a roster that already encompassed prominent players such as Apollo Global Management and Betfred. With Advent International’s recent withdrawal, the bidding contest had contracted to a three-way struggle between Apollo, 888, and CVC Capital Partners (collaborating with Tipico).
Apollo was deemed a leading contender, and CVC possessed the edge of prior William Hill ownership. However, the CVC-led proposal was ultimately dismissed, culminating in a final face-off between Apollo and 888.
Both 888 and William Hill have remained silent on the issue. However, during the previous week’s financial results announcement, 888’s chief executive, Itai Pazner, noted that the organization is “primed for substantial enlargement” and prepared to “capitalize on prospects” for expansion. Although the future of William Hill’s wagering establishments is uncertain, 888 has suggested the possibility of retaining a certain degree of physical retail operations.