“That reflects the high quality of the shops that remain,” he added. Pazner noted that “no further rationalization was needed” and added that since the summer reopening, the retail business had returned to “nearly or over” pre-Covid levels. They are seeing similar experience as us.”Īre you being served? Contrary to some speculation, 888 confirmed it would be retaining the “right-sized” retail estate of circa 1,400 shops and sees opportunities in omni-channel. “This is a result of the investment William Hill did in their product and offering in the last 24 months. “We were pleasantly surprised to see the business performance growing into this year,” said Pazner. Pazner noted 888 was “pleasantly surprised” in its due diligence process to find William Hill in the UK had “good momentum” with “perhaps the best marketing campaign around the Euros with effectively the unofficial anthem” as part of its TV ad campaign. Sweet Caroline: 888 CEO Itai Pazner hailed the “transformational” deal which will give the new entity a combined market share in the UK of 12.3% (based on the figures from the UK Gambling Commission's monthly survey which cover 80% of the market) and 10% shares in core markets Italy and Spain. The deal has been completed on a historical multiple of 9.2x. In 2020 the combined business would have had revenues of $2.5bn and adjusted EBITDA of $464m. 888 will also take on £0.8bn of William Hill debt. The buyout will be funded by £1.64bn of new loans, a £150m revolver facility and via a £500m right issue. 888 will pay Caesars Entertainment £2.2bn ($3.04bn) for the entire William Hill international business.
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