Online gambling group 888 to buy William Hill’s non-U.S. business for $3 bln

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A branded signal is displayed exterior a William Hill betting store in London, Britain July 25, 2016. REUTERS/Neil Corridor

  • 888 to purchase William Hill’s non-U.S. enterprise from Caesars
  • Expects financial savings of at the very least 100 mln stg/12 months from the deal
  • Deal classed as reverse takeover as per UK’s itemizing guidelines

Sept 9 (Reuters) – 888 will purchase William Hill’s non-U.S. belongings for two.2 billion kilos ($3.03 billion) from U.S. on line casino group Caesars in a deal that may give the web betting group entry to 1,400 betting outlets throughout Britain.

The acquisition, 888’s largest because it listed in London in 2005, may even give the corporate entry to William Hill’s 2 million energetic UK prospects at a time when pandemic curbs have spurred report on-line playing volumes.

Caesars purchased William Hill for two.9 billion kilos earlier this 12 months as a part of a wider consolidation within the playing business. U.S. gaming firms have been shopping for up London-listed teams to realize extra experience as the USA opens as much as sports activities betting.

“We’ve discovered an proprietor for the William Hill enterprise exterior the U.S. which shares the identical targets, approaches and longer-term ambitions of that enterprise,” Caesars CEO Tom Reeg stated on Thursday.

888’s shares, which have gained practically 40% to this point this 12 months, have been down round 1% by 0719 GMT.

888, with a market worth of 1.5 billion kilos, has obtained debt financing of about 2.1 billion kilos from J.P. Morgan , Morgan Stanley and Mediobanca to fund the deal, which is deemed as a reverse takeover as per UK’s itemizing guidelines.

The transaction contains 0.7 billion kilos regarding the belief of current William Hill bonds, 888 stated.

888 stated it might elevate about 500 million kilos by a share sale, including that it expects price financial savings of at the very least 100 million kilos per 12 months from the acquisition.

The Occasions reported earlier this week that 888 had outbid Apollo for the William Hill belongings. 888 stated it has acquired unconditional help for the deal from its largest shareholder, the Dalia Shaked Belief. The belief holds roughly 23% of the corporate.

($1 = 0.7261 kilos)

Reporting by Muvija M and Chris Peters in Bengaluru; Modifying by Shounak Dasgupta and Jane Merriman


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