Caesars selling William Hill non-U.S. assets in $3B deal

Caesars Entertainment has announced it has reached a woody to merchantability the non-U.S. assets of William Hill PLC to 888 Holdings PLC for astir $3 billion.

After repayment of indebtedness and different moving superior adjustments, Caesars said it expects to person nett proceeds of astir $1.2 billion, the Reno-based institution said successful a quality merchandise aboriginal Thursday.

The woody is taxable to regulatory approvals arsenic good arsenic support by shareholders of 888 Holdings PLC, an online gaming institution based successful Gibralter.

Caesars said it expects the transaction to adjacent during the archetypal 4th of adjacent year.

Caesars Entertainment CEO Tom Reeg thanked William Hill CEO Ulrik Bengtsson and the William Hill squad “for their professionalism and dedication portion they person been portion of Caesars and peculiarly during the merchantability process.”

“I americium delighted that, arsenic we said we would erstwhile we announced the connection for William Hill PLC, we person recovered an proprietor for the William Hill concern extracurricular the US which shares the aforesaid objectives, approaches and longer-term ambitions of that business,” Reeg said successful a statement.

The determination to merchantability the non-U.S. assets was not unexpected.

In April, Caesars said that it had completed its acquisition of William Hill, a starring betting and gambling company, for astir $4 billion.

The institution said that the acquisition of William Hill gave Caesars ownership of “one of the world’s starring betting and gambling companies” and provided the institution with “the quality to maximize the accidental wrong sports betting and online gaming successful the U.S.”

In that release, Caesars besides noted that the institution intended to merchantability the non-U.S. businesses owned by William Hill.

Caesars besides said successful April that the combined companies run sports betting successful 18 jurisdictions successful the U.S., including 13 that connection mobile sports betting. The institution added it expects to beryllium operating successful 20 U.S. jurisdictions by the extremity of the year.

Contact Marian Green astatine mgreen@reviewjournal.com oregon 702-383-0287. Follow @mgreen0708 connected Twitter.