William Hill’s American owner has revealed that online gambling operator 888 has agreed to pay £2.2bn to buy the brand’s non-US business, including its 1,400+ UK betting shops.

Caesars Entertainment, which bought William Hill last year for £2.9bn. had placed the international business up for auction and 888 had revealed “advanced discussions” on Tuesday after it was reported to have won the day.

888 Holdings said the acquisition would create a “global online betting and gaming leader” and deliver enhanced sports betting opportunities.

“The combination of 888 and WHI (William Hill International) is expected to deliver significant operating efficiencies, including pre-tax cost synergies of at least £100m per year, leading to improved profit margins,” its statement said.

It was yet to confirm whether any jobs would be placed at risk under that forecast.

WIlliam Hill employs 12,000 people across its international business, including 8,000 of them in the UK.

888 added that it would raise about £500m by issuing new equity via a capital raise to help it fund the deal.

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