Caesars Entertainment has announced an amended agreement to sell the non-US assets of William Hill to 888 Holdings Plc for an enterprise value that ranges between $2.6bn and $2.7bn.
The revised agreement is subject to 888 Holdings meeting certain financial targets in 2023. With the amended deal, Caesars would be entitled to receive up to $131m as deferred consideration and a $327m reduction in consideration payable at closing.
Once the repayment of debt and other working capital adjustments are completed, and closing purchase price adjustments are considered, Caesars expects to receive net proceeds from the sale at closing of close to $785m. The company expects to close on the deal in June of this year, pending regulatory and 888 Holdings’ shareholder approvals.
Caesars Entertainment was founded in 1937 and is the largest US casino-entertainment company. 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 recently 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.
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.
