Caesars Entertainment revised the agreement for William Hill’s non-US assets to 888 Holdings.
This revision sees the renewed valuation of assets reaching between £1.95bn ($2.55bn) and £2.05bn; a total that is achieved through the inclusion of a £250m reduction in payment due to Caesars’ entitlement to up to £100m as deferred consideration.
The condition is that 888 achieves certain financial targets by 2023.
Following the repayment of debt and other working capital adjustments, Caesars should be in receipt of net proceeds of approximately £585m, which equates to $784m, following the closure of the transaction.
The transaction must be approved by shareholders of 888 Holdings and regulatory approvals. Caesars uses Linklaters LLP as a representative throughout the entire process. The transaction is anticipated to close in June 2022.
Caesars was founded in 1931. Since then, the company has experienced rapid growth, with new resorts opening, expanding their buildings and purchasing property. It operates primarily under the brand names of Caesars, Harrah’s, Horseshoe and Eldorado Resorts.
End of the last youar, Caesars Entertainment reported $2.6bn in revenueThe fourth quarter 2021 was $1.6bn more than the previous-year period.
This year, however, has also seen Caesars Sportsbook is now the official betting partner for the New York MetsThis is a continuation to its strategy of sponsoring sporting entities.
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