888 Holdings has won the race to acquire William Hill’s European operations after outbidding Apollo Global Management with an estimated bid of more than £2 billion.
After the recent withdrawal of Advent International, the process had become a three-horse race featuring Apollo, 888, and CVC Capital Partners working with Tipico, a German betting group. The CVC-led bid was knocked out over the weekend.
When the business was put up for sale a few months ago, analysts were predicting a sale price of between £1.2 billion and £1.5 billion, but latest rumours suggest the final bids were pitched at more than £1.7 billion.
William Hill, best known for its chain of 1,400 betting shops, was taken over in April by Caesars Entertainment in a £2.9 billion
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2021-09-07 09:35:00Z
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