By Samuel Indyk
Investing.com – 888 Holdings (LON:888) has responded to reports that it has won the auction for William Hill’s European operations which were being sold by its new owner, Caesars Entertainment (NASDAQ:CZR).
The Times reported that 888 Holdings had seen off competition from Apollo Global Management for the assets, with an estimated bid of over £2 billion.
It was initially expected William Hill’s European business would fetch between £1.2-1.5 billion.
“888 notes the recent press speculation and confirms that it is in advanced discussions with Caesars Entertainment regarding a possible acquisition of the international (non-US) business of William Hill,” 888 Holdings said in a statement to the London Stock Exchange.
“There can be no certainty that these advanced discussions will result in a transaction. A further announcement will be made as and when appropriate.”
Caesars completed their takeover of William Hill in April this year for £2.9 billion.
Caesars initiated the bidding for the assets soon after the takeover was completed. The sale included 1,400 betting shops in the UK and Ireland, in addition to William Hill’s UK and European online operations.
Other parties reportedly in the bidding for the assets included Advent International and a consortium led by CVC.
888 Holdings responds to reports it won the auction for William Hill assets
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