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888 Holdings is in advanced talks with Caesars Entertainment to take over all of William Hill’s non-US assets. Assets include 1,400 betting shops and its UK and European online operations.
The company has confirmed the speculation on the interest in William Hill’s European operations after outbidding Apollo Global Management with a bid of more than £2 billion.
In a statement to the London Stock Exchange late Tuesday morning, the company said:
“888 notes the recent press speculation and confirms that it is in advanced discussions with Caesars Entertainment regarding a possible acquisition of the international (non-US) business of William Hill.”
“There can be no certainty that these advanced discussions will result in a transaction,” clarified the Gibraltar-based company. “A further announcement will be made as and when appropriate.”
With a sale price estimated between £1.2 billion and £1.5 billion, William Hill’s non-US business was allegedly put up for sale a few months ago. Recent developments though put final bids ranging over £1.7 billion.
The process to acquire William Hill’s assets sees Apollo, 888 and CVC Capital Partners competing to outbid each other. The CVC proposal was reportedly discarded last weekend.