888 shares leap on revised takeover deal of non-US assets

Finance News

888 Holdings has announced a revised agreement to sell the non-US assets of William Hill to Ceasers Entertainment for a revised enterprise value of between £1.95 billion and £2.05 billion.

The revised agreement reflects a £250 million reduction in consideration payable at closing and Caesars being entitled to receive up to £100mm as deferred consideration subject to the enlarged business of 888 Holdings Plc meeting certain 2023 financial targets.   

After the repayment of debt and other working capital adjustments and subject to customary closing purchase price adjustments, Caesars expects to receive net proceeds from the transaction at closing of approximately £585mm or $785 million.

The transaction is subject to receipt of the approval of shareholders of 888 Holdings Plc and regulatory approvals. Caesars’ expectation is that the transaction should close in June 2022.