(Reuters) -British gambling firm 888 Holdings said on Thursday it has agreed to a deal with Caesars Entertainment Inc to buy the international assets of the U.S. casino group’s William Hill business for 2.2 billion pounds ($3.03 billion).
888 said it will raise about 500 million pounds by issuing new equity via a capital raise, adding that it expects cost savings of at least 100 million pounds per year from the purchase.
“We have found an owner for the William Hill business outside the U.S. which shares the same objectives, approaches and longer-term ambitions of that business,” Caesars CEO Tom Reeg said.
Caesars’ 2.9-billion-pound acquisition of William Hill earlier this year was part of a wider consolidation in the gambling industry, with American companies buying out London-listed groups to gain more expertise as the United States opens up to sports betting.
($1 = 0.7265 pounds)
(Reporting by Muvija M and Chris Peters in Bengaluru; Editing by Shounak Dasgupta)
