FS Group has acquired a 4.55% holding in 888, as confirmed by the company. Shay Segev, the former CEO of GVC (now Entain), has transferred his remaining 2.02% holding to FS Group. As part of the agreement, Segev transferred 9,063,313 ordinary shares of 888 at a price of £0.005 each. With this transfer, FS Group’s total holding in 888 now stands at 29,481,349 shares. Other notable individuals holding interests in FS Group include Lee Feldman, the former chairman of GVC, Stephen Morana, Daniel Shribman, and B Riley Principal.
888 has recently experienced significant developments. The year began with the announcement of Itai Pazner’s departure as chief executive, followed by the group’s revelation of deficiencies in its anti-money laundering (AML) and know your customer (KYC) processes for Middle Eastern customers. The interim executive chair, Lord Mendelsohn, continues to lead while the search for a permanent replacement is ongoing.
Also, in July, 888 successfully completed the acquisition of William Hill’s non-US assets from Caesars for £1.95bn. Despite incurring £1.70bn in debt due to the acquisition, 888’s financial performance for the 2022 fiscal year met expectations. The company achieved a 74% increase in revenue to £1.24bn, along with an 82% rise in adjusted EBITDA to £217.9m. However, when accounting for the revenue impact of the William Hill acquisition, 888’s organic revenue experienced a 3% decline compared to 2021.
In addition to these developments, 888 has agreed to sell its Latvian business to Paf Consulting for up to €28.3m.
