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Mergers & Acquisitions

888 Holdings declares interest in William Hill’s European operations

888 Holdings has declared an interest in purchasing William Hill’s European business, after announcing it was in a “good position to make acquisitions”, according to reports.

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Earlier today on 30 September, Caesars Entertainment announced it has reached an agreement to acquire William Hill in a deal worth £2.9bn ($3.72bn), which will see it pay 272p for each share.

The US operator intends to focus on the US sports betting market and is seeking buyers for all William Hill’s non-US operations, including its UK and European businesses.

As a result, 888 CEO Itai Pazner suggested if an opportunity arose, the operator wouldn’t rule out expanding its business.

According to the Financial Times, Pazner said: “We are going to look at any asset that can be relevant for us, and within that list, if that opportunity (to buy William Hill’s assets) comes our way, that could be relevant for us.”

Pazner was speaking after the operator saw its revenue rise 37% year-on-year for H1 2020, up to $379.1m. Profit also increased, with profit before tax surging 130% up to $50.9m, while adjusted profit before tax increased to $50.4m, up from $27.1m in 2019.

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