Casino-entertainment<\/span> 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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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<\/span> outside the US which shares the same objectives, approaches and longer-term ambitions of that business.”<\/p>\n
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.<\/p>\n
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. <\/p>\n
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