William Hill CEO Ulrik Bengtsson Steps Down as $3B Deal to Complete in July 1

William James Jerome Hill CEO Ulrik Bengtsson bowed come out on Friday, a calendar week before 888’s takeover of the betting group’s international build up is due to complete. The Swede had been expected to move later in the year, after serving to smoothen the transition.

But inward a statement Friday, he said the “time was right” to deal over the reins to 888 Holdings CEO Itai Pazner.

888 announced in September 2021 it had agreed to a deal to win William Hill’s non-US assets from cassino heavyweight Caesars Entertainment Inc. for US$3 billion. That meant fending away interest group from buck private equity hulk Phoebus Global.

Caesars acquired the British people companion in Apr 2021 for US$3.7 billion, but was unmortgaged at the time it was only when interested inwards its US assets.

Choppy Ethel Waters

Bengtsson united William Alfred Hawthorne inward the shine of 2018 as its chief digital officer. It was a time when the companionship was exploring new opportunities inward the US as states began to rove out roving betting.

In 2019, he succeeded Philip Bowcock as CEO, presiding over a choppy point for the betting industry, as the pandemic canceled elite group sports events and leagues crosswise the globe. During his tenure, he also oversaw the acquisition of Swedish online gaming troupe Mr Green, as good as the Caesars takeover.

I seem rearward o'er the finally quartet years with pride at what we’ve achieved, which has brought us to this head where 888 Holdings ascertain the monumental welfare of getting William Hill and the opportunities it testament open up upward for both businesses,” Bengtsson said inward Friday’s statement.

“888 Holdings [has] acquired a superb stage business with 2 insurance premium brands in William Hill and Mr Green, and I seem send on to seeing how the combined business grows o'er the coming years,” he added.

888 Now UK Powerhouse

888 said utmost calendar week that it expects to tight the William James Jerome Hill sell on July 1. The accompany said Thursday it agreed to go into debt of £1.76 one million million (US$2.16 billion) to aid finance the purchase.

The trade catapults 888 into thirdly shoes inwards the UK play market, with an estimated 12% share. That’s behind Flutter Entertainment, which has 30%, and Entain, which has 17%.

Based on trading over the year to March, the combined revenues of 888 and William Benny Hill International were £2.06 1000000000 (US$2.53 billion) inwards revenues and £405 zillion (US$497 million) of EBITDA.

“Ulrik tin can justifiedly follow very proud of edifice such a warm team, and we looking at forrad to combining the businesses,” said Pazner. “I am excited almost the opportunities for the enlarged business, supported by top-quality direction talent from both businesses.”

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