- Caesars Entertainment Inc CZR has altered the enterprise value to sell the non-U.S. assets of William Hill to the British gambling firm, 888 Holdings Plc, to £1.95 billion - £2.05 billion.
- The previously quoted agreement value for the deal in September 2021 was £2.2 billion.
- The revised agreement reflects a £250 million reduction in consideration payable at the deal's closing.
- Further, Caesars is entitled to receive up to £100mm as deferred consideration, provided 888 Holdings meet certain financial targets for 2023.
- The casino and hotel company expects to receive about £585 million ( $785 million) proceeds from the deal.
- The transaction is expected to close in June 2022.
- Price Action: CZR shares closed lower by 6.67% at $72.01 on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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