888 Vies With Apollo for William Hill Assets as CVC Drops
(Bloomberg) -- Online gambling company 888 Holdings Plc is competing with Apollo Global Management Inc. in the final race to acquire bookmaker William Hill’s European operations, people with knowledge of the matter said.
CVC Capital Partners, the owner of sports betting firm Tipico Co., has dropped out of the bidding, the people said, asking not to be identified because the information is private.
888 made the highest offer in the final round, though both suitors are still in negotiations and Apollo could come out on top depending on what terms it’s willing to offer in the end, according to two of the people.
U.S. casino giant Caesars Entertainment Inc. completed its acquisition of William Hill in April. It’s now selling the European operations to help pay down debt.
No final decisions have been made, and another buyer could still emerge, the people said. Representatives for 888, Apollo and CVC declined to comment. A spokesperson for Caesars didn’t immediately respond to a request for comment.
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