Caesars completes sale of William Hill non-US assets to 888 Holdings Plc for $730m
The company intends to use proceeds to pay off debt.
Caesars Entertainment, Inc. has concluded its transaction for a previously announced sale of William Hill’s non-US assets to 888 Holdings. The company closed the deal with net proceeds of $730m after paying off debts and other working capital adjustments.
Caesars released a statement saying the company plans to use the net proceeds to reduce its current outstanding debt.
Deutsche Bank and Linklaters LLP aided Caesars during the transaction.
Caesars Entertainment was founded in 1937. It originated in Reno, Nevada and has expanded over the years to include facilities that operate under the Caesars, Harrah’s, Horseshoe and Eldorado brand names.
The company has released its Caesars Sportsbook mobile app in Illinois. Caesars has had a foothold in Illinois for a while through the Harrah’s Joliet, Harrah’s Metropolis, and Grand Victoria Casino Elgin locations. The debut of its mobile app is an added layer to Caesars’ continuing plans for brand expansion.
Caesars Entertainment recently signed a wide-ranging content deal with former NFL quarterback Peyton Manning’s Omaha Productions. The multi-year agreement will include new video, audio and podcast platforms, all produced by Omaha Productions.
A new division called Omaha Audio Network will also come from the signed agreement.
Manning and the team at Omaha will work to develop new social and digital content for Caesars, starting with a new series called “Mayne on the Street,” hosted by ESPN’s Kenny Mayne.
888 Holdings was founded in 1997 and is a public company that is based in Gibraltar. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
The company owns several well known gambling brands and websites, including 888sport, 888casino and 888poker.
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