William Hill deal revised for 888

The William Hill assets that buyer Caesars Entertainment did not wish to hold on to will go to 888 Holdings for around £2bn.

The big US operator, that acquired William Hill to access its sports betting business, made no secret of its plans to divest the parts that it felt did not fit with its operation.

The agreement with 888 Holdings has a revised value of between £1.95bn and £2.05bn and reflects a £250m reduction at closing and Caesars being able to take up to £100m as deferred consideration.

The deal, after adjustments, will see Caesars receiving net proceeds of £585m, said the company.