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Luke Thompson October 14, 2020 2 min read
888 Interested in Buying International Assets from William Hill
Itai Pazner, 888 CEO revealed that the company may be looking to acquire non-US assets from William Hill if such become available.
888 Interested in Non-EU Assets by William Hill
The global brand 888 has shown interest in acquiring international assets from William Hill if those assets become available after the multi-billion-pound takeover by Caesars Entertainment. In an interview for EGR, 888 CEO Itai Pazner revealed the company’s plan to potentially acquire non-US assets by William Hill if those become available.
Back in September, Caesars’ £2.9 billion takeover bid was accepted by William Hill Board. However, the next step is the approval of the shareholders’ board as well as regulatory approvals. But according to Pazner, the process was made public to “divest the European part of William Hill“.
Bolt-On Deal or Transformational Deal
Pazner also spoke of the difference in terms of impact between bolt-on acquisitions and transformational deals. He outlined that bolt-on acquisitions generally are easier to achieve and don’t have a big impact on the business as transformational deals. On the other hand, transformation deals require significantly more time and resources to achieve.
But Pazner did not miss saying that transformational deals are significantly important and may change the course of a company for better or for worse. In contrast, according to him, if a bolt-on deal goes wrong it would rather have little damage for the company in the short to medium-term period.
If the Deal Adds Value, 888 Will Definitely Consider It
Another key point that was raised by Pazner is what value such acquisition would add to the company. He outlined that the European assets of William Hill are one of the few possible deals that 888 may consider in the future. Pazner did stress that if such a deal can add value, 888 will most definitely consider it.
Furthermore, Pazner said that the company already has a clear idea of what it is good at which is management, technology, people, and marketing. In conclusion, he said that both bolt-on or transformative deal options may be considered as long as the deal adds additional value to both the shareholders and the company.