Following a shareholder vote that was overwhelmingly in favour of the move, 888 Holdings is expected to complete its nine-month long takeover of William Hill by June 30th.
The deal with Caesars Entertainment comprises the non-US assets of William Hill, which have an enterprise value of between £1.95bn and £2.05bn, and not the £2.2bn that was agreed last September. The revised agreement means that 888 will pay £250m less for an initial cash consideration, down from £835m.
The coming together of the two businesses is expected to deliver efficiencies that include cost synergies that will rise to a total of £100m by 2025. 888 will also take control of William Hill’s 1,400 UK betting shops, and its online gaming brands, Mr Green and Redbet.
888 Holding’s Non-Executive Chairman, Lord Mendelsohn, commented: “We are delighted with the support of our shareholders for our proposed acquisition of William Hill and would like to thank them for their continued, constructive engagement as part of this process. We look forward to completing this transformational acquisition at the end of June, creating a global online betting and gaming leader through the combination of two highly complementary businesses and two of the industry’s leading brands.”
