Online operator 888 has completed its acquisition of William Hill’s non-US assets from Caesars for £1.95bn (€2.25bn/$2.35bn), and has announced the group’s new leadership team.
888 had initially agreed in September 2021 to acquire the non-US business of William Hill. This came soon after US operator Caesars acquired the entire William Hill business for approximately £2.90bn, with the intent to dispose of all but its US assets.
Originally, the purchase price for the deal was £2.2bn. However, 888 and Caesars agreed to reduce the purchase price to acquire the assets by £250m, with the cash portion of the deal now set at £584.9m instead of £834.9m.
This, it said, was due to a “change in the macro-economic and regulatory environment”, but at the time it also revealed that the William Hill business’ licence to operate in Great Britain was under review.
After receiving shareholder approval last month, the deal has now closed today.
“I am delighted to announce the completion of our trans..