Casino-entertainment company Caesars Entertainment, Inc. (CZR) announced Thursday an agreement to sell the non-US assets of William Hill to online betting and gaming company 888 Holdings Plc (888.L) for approximately 2.2 billion pounds.
Caesars expects to receive net proceeds from the deal of approximately 835 million pounds or $1.2 billion after the repayment of debt and other working capital adjustments.
The transaction is subject to receipt of the approval of shareholders of 888 Holdings and regulatory approvals. Caesars expects the deal to close during the first quarter of 2022.
Caesars CEO Tom Reeg said, "... as we said we would when we announced the offer for William Hill PLC, we have found an owner for the William Hill business outside the US which shares the same objectives, approaches and longer-term ambitions of that business."
In its statement, 888 said the acquisition of William Hill International represents a transformational opportunity to significantly increase its scale, further diversify its product mix and accelerate the upward shift of its revenue growth profile.
The combination of 888 and WHI is expected to deliver significant operating efficiencies, including pre-tax cost synergies of at least 100 million pounds per year, leading to improved profit margins. On a pro forma normalised basis, the combined company's annual revenue and adjusted EBITDA in 2020 would have been $2.5 billion and $464 million, respectively.
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