The online betting group 888 Holdings has reached an agreement with Caesars Entertainment to buy William Hill’s international business for a total of 2.2 billion pounds (2,570 million euros), including debt, as reported by the company on Thursday.
Thus, 888 Holdings has explained that the combination of the two companies will create “significant operational efficiencies”, including cost synergies of at least 100 million pounds (116.8 million euros) per year from 2025.
The company plans finance the acquisition through debt. To do this, it has obtained a commitment to approve loans worth 2,100 million pounds (2,452 million euros) by JPMorgan Chase, Morgan Stanley and Mediobanca, according to reports Europa Press.
The revenue of the joint venture in 2020 would have been $ 2.5 billion (2,113 million euros), with an adjusted gross operating result (Ebitda) of 464 million dollars (392 million euros). Their combined workforce is close to 12,000 employees.
William Hill not only operates his own brand, in Europe he also owns the online casino Mr. Green. For its part, 888 Holdings covers ‘online’ gambling as well as sports betting, poker games and bingo.