Shares climb for 888 as it completes takeover of William Hill’s non-U.S. assets

Shares climb for 888 as it completes takeover of William Hill’s non-U.S. assets

Article brief provided by City A.M.
  • Leah Montebello, City A.M.
July 4, 2022 7:52 PM
  • Leah Montebello, City A.M.

Shares in 888 climbed [Monday] following the firm’s re-admission into the London Stock Exchange main market for listed securities. This comes after the firm completed acquisition of gambling firm William Hill.

Story continues below

The group, which owns Mr Green and SI Sportsbook, confirmed the done deal last Friday, and said that Ulrik Bengtsson and Eric Hageman, former CEO and CFO of William Hill, would be leaving their positions, with 888 chief Itai Pazner taking the reins.

Back in April, 888 sliced the value of the deal, citing the changing “macro-economic and regulatory environment”.

The new agreement with US powerhouse Caesars Entertainment referred to William Hill’s non-US assets, and meant that 888 paid £250m less for an initial cash consideration, down from £835m.