As reported by The Times, the online gaming powerhouse, 888 Holdings, has emerged victorious in the contest to purchase the European arm of William Hill.
888’s triumphant offer exceeded £2 billion (equivalent to $2.76 billion), surpassing a competing proposal from Apollo Global Management. This all began when Caesars Entertainment acquired William Hill for a staggering £2.9 billion – ranking among the largest gaming transactions ever! However, Caesars swiftly opted to divest the European segment of William Hill’s enterprise.
Initially, their valuation hovered around £1.5 billion. Yet, the situation escalated as several prominent entities within the global sports wagering and casino realm entered the fray, propelling the price upwards. Early speculation hinted at the involvement of German gaming behemoth Tipico, alongside other industry heavyweights such as Apollo Global Management and Betfred.
With Advent International withdrawing, the competition narrowed to a three-way race between Apollo, 888, and CVC Capital Partners (who had partnered with Tipico). Apollo appeared to be the frontrunner for a period, particularly given CVC’s prior ownership of William Hill. Nevertheless, CVC’s bid was ultimately declined, leaving Apollo and 888 as the final contenders.
Although neither 888 nor William Hill have publicly addressed the speculation, 888’s chief executive, Itai Pazner, suggested their desire for growth during a recent financial results discussion. He highlighted the company’s robust performance, varied portfolio, and sound fiscal standing, indicating their preparedness to capitalize on prospects that complement their natural expansion plan.
While the future of William Hill’s physical wagering locations hangs in the balance, 888 has previously signaled an openness to retaining a foothold within the in-person betting sector.
