888 agrees £2.2bn deal to buy William Hill’s European business

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “This transaction will create one of the world’s leading online betting and gaming groups with superior scale, exceptional brands, increased diversification, and a platform for strong growth.” He added: “We are also excited about the opportunities that the retail business provides and see significant brand benefits to the enlarged group from its large estate.” 888 said it had secured debt financing for the deal of around £2.1 billion and also expects to raise around £500 million through a rights issue. Ulrik Bengtsson, chief executive of William Hill international, said: “Scale is increasingly important in our sector and the combination of the businesses will provide a powerful alignment of brands and technology.” The takeover by 888 Holdings of William Hill’s International assets offers a lifeline for the 1,400 shops it owns across the UK Susannah Streeter, Hargreaves Lansdown Susannah Streeter, senior investment and market analyst at Hargreaves Lansdown, said the deal signals that “there’s still a future for the high street betting shop”. “The takeover by 888 Holdings of William Hill’s International assets offers a lifeline for the 1,400 shops it owns across the UK,” she said. “But now it seems the retail operation will be a key part of 888 Holdings’ strategy to create a global gaming and betting group.” But she added: “Although this is a vote of confidence in the network, it’s likely there will be a further shake-up in the branch footprint, not least because of the ongoing shift to online betting and profit headwinds caused by slashing of maximum bets on fixed-odds betting terminals.” The purchase of William Hill earlier this year was part of a series of attempted takeovers of the UK’s gambling industry by US rivals.