Business
Caesars Entertainment, Inc. Announces Revised Agreement to Sell William Hill Non-US Assets to 888 Holdings Plc
LAS VEGAS and RENO, Nev., April 7, 2022 /PRNewswire/ -- Caesars Entertainment, Inc. (NASDAQ: CZR) ("Caesars") today announced a revised agreement to sell the
About this update from Caesars Entertainment, Inc.
[{"type":"text","content":"LAS VEGAS and RENO, Nev., April 7, 2022 /PRNewswire/ -- Caesars Entertainment, Inc. (NASDAQ: CZR) (\"Caesars\") today announced a revised agreement to sell the non-US assets of William Hill to 888 Holdings Plc for a revised enterprise value of between £1.95 billion and £2.05 billion. The revised agreement reflects a £250 million reduction in consideration payable at closing and Caesars being entitled to receive up to £100mm as deferred consideration subject to the enlarged business of 888 Holdings Plc meeting certain 2023 financial targets. \n\n \n \n \n \n \n \n\n \nAfter the repayment of debt and other working capital adjustments and subject to customary closing purchase price adjustments, Caesars expects to receive net proceeds from the transaction at closing of approximately £585mm or $785 million.\nThe transaction is subject to receipt of the approval of shareholders of 888 Holdings Plc and regulatory approvals. Caesars' expectation is that the transaction should close in June 2022.\nDeutsche Bank and Linklaters LLP represented Caesars on the transaction.\nAbout Caesars Entertainment, Inc. Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment company in the US and one of the world's most diversified casino-entertainment providers. Since its beginning in Reno, NV, in 1937, Caesars Entertainment, Inc. has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment, Inc.'s resorts operate primarily under the Caesars®, Harrah's®, Horseshoe®, and Eldorado® brand names. Caesars Entertainment, Inc. offers diversified gaming, entertainment and hospitality amenities, one-of-a-kind destinations, and a full suite of mobile and online gaming and sports betting experiences. All tied to its industry-leading Caesars Rewards loyalty program, the company focuses on building value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. Know When To Stop Before You Start.® Gambling Problem? Call 1-800-522-4700. For more information, please visit. www.caesars.com/corporate.\nForward-Looking StatementsThis press release includes forward-looking statements within the meaning of the federal securities laws. ...