888 to pay less for non-US William Hill assets
Caesars Entertainment will receive less for William Hill’s non-US assets.
Caesars and buyer 888 Holdings have announced a revised deal for the non-US assets of William Hill. 888 will pay between £1.95 billion ($2.55 billion) and £2.05 billion ($2.68 billion) for the assets, down from £250 million ($326 million). dollars) compared to a previous agreement.
The two parties reached an agreement in September 2021. Caesars acquired William Hill about a year earlier and used the brand for its online and retail sports betting business.
“The changes to the sale and purchase agreement reflect the changing macroeconomic and regulatory environment since the announcement of the acquisition, as well as compliance factors impacting the business of WH, including action taken as part of an ongoing review by Britain’s Gambling Commission,” 888 said in a statement.
Caesars is entitled to receive up to £100 million ($130 million) in deferred consideration subject to the expanded business of 888 Holdings meeting certain financial targets for 2023.
Caesars expects to receive net proceeds from the transaction at closing of approximately £585 million ($764 million). The transaction is subject to receipt of 888 Holdings shareholder approval and regulatory approvals.
Caesars expects the transaction to close in June 2022.