Latham & Watkins Advising 888 on £2.2 Billion Acquisition of William Hill International
Latham & Watkins is advising 888 Holdings plc, one of the world’s leading online betting and gaming companies, on its agreement to acquire the international (non-US) business of William Hill at an enterprise value of £2.2 billion. William Hill International is one of the UK’s leading and most trusted bookmakers, with over 1,400 retail betting shops across the UK, and over 1.5 million active UK customers online.
The acquisition will create a global online betting and gaming leader by bringing together two highly complementary businesses and combining two of the global online betting and gaming industry’s leading betting and gaming brands. The transaction represents a transformational opportunity for 888 to significantly increase its scale, further diversity its product mix, accelerate the upward shift of its revenue growth profile, and deliver significant operating efficiencies including pre-tax cost synergies oft at least £100 million per year, leading to improved margins.
The Latham London team was led by corporate
partner and long standing 888 relationship partner Ed Barnett together with
corporate partner Sam Newhouse, supported by associates Hector Sants, Stephanie
Daaboul, Chris Ramsey, Nick Fisher, and Becky Eaton. Advice on capital markets
matters was provided by partner Anna Ngo; on finance matters by partners Jay
Sadanandan and James Burnett; on antitrust matters by partner Jonathan Parker;
on employment and benefits matters by partner Sarah Gadd; on intellectual
property matters by partner Deborah Kirk; on tax matters by partner Helen
Lethaby; and on real estate matters by partner Quentin Gwyer. The Latham team
advised 888 in conjunction with 888’s long term counsel Herzog Fox Neeman whose
team was led by Managing Partner Gil White.