online slots bookmaker 888 is the favourite to take over William Hill’s UK and European business and return the 87-year-old company to British ownership.
The firm, which has a market capitalisation of £1.5billion, said it was in advanced talks with William Hill’s new American owner to buy the non-US parts of the business in a deal worth up to £2billion.
The talks follow the £2.9billion takeover of William Hill by Caesars Entertainment last year. But the Las Vegas casino only wanted the US operations so put the European business, which includes 1,400 betting shops in the UK and online casinos in Europe, up for sale.
Changing hands: online slots bookmaker 888 said it was in advanced talks with William Hill’s new American owner to buy the non-US parts of the business in a deal worth up to £2bn
This prompted a three-horse race between private equity companies Apollo, CVC and 888, which is best known for online slots and casinos.
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Analysts initially estimated a sale price of between £1.2billion and £1.5billion, but final bids were understood to be between £1.7billion and £2billion.
If it wins, 888 could put William Hill’s 1,400 shops up for sale and keep just the online part of the business.
Betfred, the bookmaker owned by the billionaire Done brothers, is said to want the shops.
Shares in the FTSE 250 firm 888 rose 1.8p, or 7.4p, to 414p. In a statement to the market, it said it ‘confirms that it is in advanced discussions with Caesars’ but that ‘there can be no certainty that these advanced discussions will result in a transaction’.
William Hill was founded in 1934. It launched online in 1998, adding Stockholm-listed Mr Green in 2018 in a £242million deal.