Sports betting company William Hill appears close to cashing in its overseas operations in a deal with 888 Holdings worth over $2.76 billion.
Mobile gambling operator 888 beat out several private equity firms vying for the deal, including Betfred, Apollo Global Management, and Tipico. CVC Capital Partners, a former owner of William Hill, dropped out of the bidding process in August.
- U.K.-based William Hill was acquired by Caesars Entertainment in April for around $4 billion.
- The deal with 888 includes around 1,500 in-person betting shops in the U.K. and William Hill’s online operations in Spain and Italy.
It’s the second big move in sports betting for 888 this month: Sports Illustrated launched its online sportsbook in partnership with 888 last week. The two companies struck a deal in June, allowing 888 to use the 67-year-old magazine’s name and branding in sports betting properties.
Gibraltar-based 888 is listed on the London Stock Exchange with a market capitalization of $2.08 billion. In addition to its online sports betting operations, 888 runs online gambling and poker sites.
The company’s value has increased 267% since the beginning of 2020.