7 Jul 2022 12:08
7 July 2022
888 Holdings Plc
("888" or "the Group")
Completion of Strategic Sale of Bingo Business
888 (LSE: 888), one of the world's leading online betting and gaming companies, today announces that it has completed the previously announced sale of its entire B2C and B2B bingo businesses (the "Transaction"), to Saphalata Holdings Ltd., a member of the Broadway Gaming group. The total cash consideration of $45.25 million (£37.4 million) is $43.25m payable on completion, and a further $2m unconditionally payable in one year. 888 has agreed to continue to provide Broadway certain transitional services for a period of up to 12 months from completion, in accordance with an agreed fee schedule.
The completion of the Transaction will enable us to improve focus on delivering against our strategy to be a global leader in online betting and gaming, by building market-leading positions in attractive regulated markets, driven by proprietary technology, product leadership, leading brands, and marketing expertise.
The bingo business, which is substantially UK-based, generated gaming revenue of approximately $25 (£19) million in H1 2022, and approximately $54 (£41) million in the last twelve months.
Itai Pazner, CEO of 888, commented:
"I would like to express my immense gratitude for all of the hard work of the bingo team over the years, and in particular their unwavering commitment to the business since we announced the Transaction. As part of a dedicated bingo operator, I am very confident in the future prospects of the bingo business and wish the team well.
The successful completion of this strategic Transaction enables 888 to further increase its focus on integraton with William Hill and delivering on our mission to be one of the world's leading online betting and gaming businesses."
David Butler, CEO of Broadway Gaming, commented:
"We are delighted to complete the acquisition of 888's high quality bingo business and platform. By combining these with our existing business and brands, which include 'Butlers Bingo', we will be able to achieve an even stronger global footprint in key regulated bingo markets.
We see further expansion opportunities in both the B2C and B2B segments, and are very excited about working with the management team to deliver on our plans for the future, as we look to become the pre-eminent online bingo business globally."
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Enquiries and further information:
888 Holdings Plc | +44(0) 800 029 3050 |
Itai Pazner, Chief Executive Officer Yariv Dafna, Chief Financial Officer Vaughan Lewis, Chief Strategy Officer | |
Investor Relations James Finney, Director of IR
Media |
ir@888holdings.com
888@hudsonsandler.com |
Hudson Sandler Alex Brennan / Charlotte Cobb / Andy Richards | +44(0) 207 796 4133 |
About 888 Holdings Plc:
888 Holdings plc (and together with its subsidiaries, "888" or the "Group") is one of the world's leading betting and gaming companies. In 2022, the Group acquired the international (non-US) business of William Hill to create a global industry leader. Headquartered in Gibraltar, and listed in London, the Group operates from 15 offices around the world and employs approximately 12,000 people globally.
The Group's mission is to lead the gambling world in creating the best betting and gaming experiences, bringing unrivalled moments of excitement to people's day-to-day lives. It achieves this by developing state-of-the-art technology and content-rich products that provide fun, fair, and safe betting and gaming entertainment to customers around the world.
The Group owns and operates internationally renowned brands including 888casino, 888sport, 888poker, William Hill and Mr Green. In addition, the Group operates the SI Sportsbook brand in the US in partnership with Authentic Brands Group.
Find out more at:
http://corporate.888.com/
http://williamhillgroup.com/