888 Holdings responds to reports it won the auction for William Hill assets

0
33
imageStock Markets2 hours ago (Sep 07, 2021 11:59)

© Reuters.

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

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

LEAVE A REPLY

Please enter your comment!
Please enter your name here