888 buys William Hill bookmakers for $3b

Itai Panzer

888 said that the acquisition would create a global gambling giant would allow £100 million savings in annual expenses.

Online gambling company 888 Holding plc (LSE:888) is buying British bookmaker William Hill's non-US assets for £2.2 billion ($3 billion). 888 operates online gambling websites and related software and platforms in more than 100 countries including casino, poker, bingo, sport and other games.

888 said that the acquisition would create a global gambling giant, which would allow £100 million savings in annual expenses. 888 CEO Itai Panzer said that the merged company would have annual revenue of $2.5 billion and annual EBITDA of $64 million.

888 was founded in 1997 by Avi and Aaron Shaked and Shay and Ron Ben-Yitzhak. "The (London) Times" reported that the Dalit Shaked Foundation, 888's largest shareholder with a 23% stake, supports the acquisition.

Published by Globes, Israel business news - en.globes.co.il - on September 9, 2021

Copyright of Globes Publisher Itonut (1983) Ltd. 2021

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