Caesars Entertainment, the Las Vegas-based casino operator, has completed its deal to buy sports betting company for $3.68 billion. This transaction will also include the UK and European internet casinos and other online sports betting activities. With this deal, the company is now the most significant betting and gambling company.
The deal will also draw 888 holdings and combine the private equity firm Apollo Global Management as a part of the company’s European assets.
Apollo has a complete track on the sale, according to sources, since it holds a deep asset of more than 888 holdings.
Apollo has been very active in terms of gaming acquisition and an eye at William Hill in recent times. During this period, it successfully acquired Great Canadian Gaming Corp (GCGC) and partnered with VICI properties to acquire Convention Center at the Las Vegas Strip and Venetian and Sands Expo for $6.25 billion.
Caesar’s transaction will further expand its rewards reach as it will offer William Hill’s members access to the company’s loyalty program. This includes the ability to earn tier status to use the company’s online properties.
To complete the transaction, Deutsche Bank, Linklaters LLP, and Latham & Watkins represented Caesars Entertainment. On the other hand, William Hill was represented by PJT Partners, Slaughter & May, Citigroup Global Markets Limited, and Barclays.
Acquisition during Debt
Caesar, which is already under heavy debt, procured $2.03 billion to finance this acquisition. According to analysts, the sale of this European asset will fetch around $2 billion, which means Creasers will be a seller.
Caesar has mentioned that the company is not keen to explore the international market and will sell those venues along with the William Hill assets.
About Caesars Entertainment
Caesar Entertainment which is listed on NASDAQ, is one of the largest casino companies in the US. The company began its journey in 1937 in Reno, Nevada; the company grew cash balance through resorts, acquisitions, and expansion. The resort is operating under the names, Caesars, Harrah, Horseshoe, and Eldorado.
William Hillis a leading online gaming company in London. Founded in 1934, the company has made a series of acquisitions. Presently it operates in the UK and has hundreds of games for casino players.
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Source: Caesars Auction of William Hill Betting Shops Likely to Draw 888 Holdings, Apollo