William Hill CEO Ulrik Bengtsson bowed out on Friday, every week earlier than 888’s takeover of the betting group’s worldwide arm is because of full. The Swede had been anticipated to go later within the 12 months, after serving to to clean the transition.
Ulrik Bengtsson, above, steered William Hill by way of the pandemic and oversaw the splintering of the corporate after a giant cash take care of US on line casino big Caesars Leisure. (Picture: William Hill)
However in an announcement Friday, he stated the “time was proper” at hand over the reins to 888 Holdings CEO Itai Pazner.
888 introduced in September 2021 it had agreed to a deal to accumulate William Hill’s non-US property from on line casino big Caesars Leisure Inc. for US$3 billion. That meant heading off curiosity from non-public fairness big Apollo World.
Caesars acquired the British firm in April 2021 for US$3.7 billion, however was clear on the time it was solely desirous about its US property.
Bengtsson joined William Hill within the fall of 2018 as its chief digital officer. It was a time when the corporate was exploring new alternatives within the US as states started to roll out cellular betting.
In 2019, he succeeded Philip Bowcock as CEO, presiding over a uneven interval for the betting trade, because the pandemic canceled elite sports activities occasions and leagues throughout the globe. Throughout his tenure, he additionally oversaw the acquisition of Swedish on-line gaming firm Mr Inexperienced, in addition to the Caesars takeover.
I look again over the past 4 years with pleasure at what we’ve achieved, which has introduced us so far the place 888 Holdings see the huge good thing about buying William Hill and the alternatives it is going to open up for each companies,” Bengtsson stated in Friday’s assertion.
“888 Holdings [has] acquired a superb enterprise with two premium manufacturers in William Hill and Mr Inexperienced, and I sit up for seeing how the mixed enterprise grows over the approaching years,” he added.
888 Now UK Powerhouse
888 stated final week that it expects to shut the William Hill deal on July 1. The corporate stated Thursday it agreed to enter debt of £1.76 billion (US$2.16 billion) to assist finance the acquisition.
The deal catapults 888 into third place within the UK playing market, with an estimated 12% share. That’s behind Flutter Leisure, which has 30%, and Entain, which has 17%.
Based mostly on buying and selling over the 12 months to March, the mixed revenues of 888 and William Hill Worldwide had been £2.06 billion (US$2.53 billion) in revenues and £405 million (US$497 million) of EBITDA.
“Ulrik can rightly be very happy with constructing such a powerful staff, and we sit up for combining the companies,” stated Pazner. “I’m excited concerning the alternatives for the enlarged enterprise, supported by top-quality administration expertise from each companies.”
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