9 Sept 2021
Ceasers Entertainment closes Deal with 888 Holdings for 2.2 Billion Pounds
The Index Today
Ceasers Entertainment Inc announced on Thursday its agreement to sell William Hill’s non-US assets to online betting and gaming company 888 Holdings for 2.2. Billion pounds. The deal is expected to be closed around the first quarter of the 2022.
The casino entertainment company will earn approximately 835 million pounds as net proceeds after the deduction of payable debt and other expenses. Tom Reeg, CEO at Casers stated, “As we said we would have 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 objective, approaches and longer-term ambitions of that business.”
This statement reflects that the deal was closed to purse transformational objectives and help diversify the company’s assets and product mix. Both corporations 888 and WHI will be working together improve operations, sales and profit margins.
The combined company’s annual revenue and adjusted EBITDA last year would have been $2.5 billion and $464 million.