Welcome to the 888 Holdings PLC Analyst and Investor Presentation. At this time, I would like to turn the conference over to Itai Pazner. Please go ahead. Thank you. Good morning, everyone, and thanks for joining us this morning on an historical day for 888. I'm joined here today by Yariv Dafna, our CFO, and Vaughan Lewis, our CSO. I look forward to telling you about this hugely exciting transaction. Starting with the agenda on slide four, I'll give you a quick overview and then hand over to Vaughan to explain why this is strategically such a positive deal. I'll then expand on how the combination positions us as an enlarged business that is set for future growth, and then Yariv will explain why it's also such a financially compelling deal for us. We'll then open up for some questions. Turning to slide 5. We feel that bringing together 888 and William Hill is a perfect combination and will deliver significant shareholder value. Firstly, a bit about the business we're acquiring. William Hill International is all of the original William Hill PLC except for the U.S. business. It includes all of the technology and brands, and critically, all of the talented people with over 10,000 new colleagues. As a result, the transaction significantly enhances the scale and diversification of the business, particularly in betting. We created a regulated market leader with really strong positions across some of the most attractive global markets. We will massively enhance our management capabilities, bringing in some great talent from across the William Hill business. We will also see a step change in scale and all the benefits that come from that, including enhanced margins. With leading products and brands across betting and gaming, we will really enhance our player proposition, and adding retail gives us a great new channel to engage with customers and build our brands, which we're really excited about. Yariv will cover the financial details later, but I just would like to say that we've reviewed many opportunities, and I really believe that this transaction places 888 in a very strong strategic position in the market, and the financial returns are really, really attractive. Moving to slide 6. We show some highlights of 888 and William Hill that explain why we're so excited about this transaction. 888 is a technology and gaming business by its DNA with a scalable global platform and huge digital capabilities. Our brand is recognized by its customers as a world-class gaming brand. William Hill is a bookmaker by DNA with an iconic betting brand that is instantly recognized across the U.K. and other markets. We are now both digitally led, customer-focused, and committed to player protection and raising the industry standards around safer gaming. Alongside these solid foundations to both businesses, we have both made great operational progress in the last two years. You can see how strong the momentum in both the businesses is here. We reported our results last week, as you can see on the slide how impressive the last five quarters have been. William Hill is also flying, with 40% total online growth in the first half of this year and over 50% revenue growth in its U.K. online division, making significant market share. The combination of 888's technology and gaming-led business with William Hill's sports-led business will create a really powerful enlarged business. Underpinned by scale, technology, talent, and brands, the enlarged business will be really well-placed for continued growth. I'll now hand over to Vaughan to run through some of the opportunities of the enlarged business. Thanks, Itai, and good morning, everyone. Yeah, this is a combination that's been discussed many times over the years, and it's great to be part of bringing these great businesses together. The reason why the combination's been discussed so much is just how powerful the strategic logic is for this combination, which we outline on slide 8. It creates a really well-diversified revenue mix, in particular, increasing our exposure to betting, as Itai mentioned. It's the largest and fastest-growing online vertical, and our revenues here will increase by around 5x as a result of the transaction. The combination strongly enhances our position in key regulated markets. These are the markets that represent our biggest and most attractive long-term growth opportunities. There'll be a step change in scale, which delivers a boost to our margins, and we'll bring in loads of outstanding talent to support our combined growth plans. We'll continue to create best-in-class products, combining the best of both 888 and William Hill, creating further opportunities for revenue growth. Turning to slide nine now. Primarily, this deal is about delivering growth. As we've seen over the past year, the migration of betting and gaming to digital is really driving growth in our industry, and there's a long runway to go here. The scale and pace of regulatory change creates opportunities for us. All of this means the combination of these two complementary businesses will create a much stronger enlarged business, better positioned to deliver growth and better positioned to prosper through that regulatory change. The strategic appeal is laid out in this virtuous circle, which gives us more capacity to invest in future growth. The combination of the amazing 888 gaming brand and the iconic William Hill sports brand gives us a really powerful brand platform to drive future growth. Combining our best-in-class technology and products across the businesses will further improve customer experience, and that should drive up share of wallet as we broaden our engagement with customers, including through a really strong omni-channel opportunity. Our scalable technology will further enhance our operating leverage, providing more funds for us to invest in future growth. Turning to slide 10, the combination drives a step change in our competitive position in some of the largest and most attractive regulated online betting and gaming markets. On slide 10 are our top 10 regulated and regulating online betting and gaming markets. You can see the combined share here will already be in the 5%-10% range in most of these markets, with top three positions in the U.K. and Spain. Building leading positions in these core growth markets really underpins the strategy here. With the combination of our brands, products, and operating skills, we're really well-positioned to build top three positions across these markets. I now hand back to Itai to run through how this combination fits in with our broader growth plans and long-term plans for 888. Thanks, Vaughan. We're turning to slide 12. The combination puts us in an even stronger position in our core markets, the U.K., Italy, and Spain. As you can see in the charts, the combined market share will be over 12% in the U.K., over 10% in Spain, and nearly 7% in Italy. As well as materially enhancing our market share position, the enlarged business will be more evenly split between betting and gaming in these markets. Turning to slide 13. Alongside our core markets, we have six markets where we see really strong growth potential for the combined businesses, Germany, Canada, Netherlands, Romania, Denmark, and Ireland. The combined opportunities of these six markets is around $7.5 billion. With the combined strength of the brands, technology, and people, we will really be well-positioned to get to top three positions across these markets. Turning to the next slide, 14. The combination with William Hill doesn't change our exciting plans for the U.S., which are based on the newly established SI, Sports Illustrated sports book brand. SI is a really strong American brand with a large and growing customer base in the U.S. Partnering with this brand allows us to invest much more selectively and effectively in the U.S., with a clear focus on using SI's brand footprint and positioning to acquire customers more effectively and to build a profitable business over time. I'm pleased to say that we successfully launched the SI Sports book first market in Colorado at the beginning of this week, and we are really excited about the opportunity to enhance our U.S. growth plans with more markets to come soon, combined with the significant additional sports book expertise that William Hill team brings, including from prior operations they had in the U.S. Turning to slide 15. One of the things that excites us most about this combination is the ability to support and enhance our product leadership strategy by delivering a range of top-quality products and features to really enhance the customer experience. William Hill has totally repositioned its product in the last 12 months, and it has a lot of brand-new features and product. The further we went into this process, I was more impressed with what William Hill is doing and what they managed to achieve in the last 12 months. We share really clear product principles built around engagement products that are quick and usable and content rich. These products always have safe gambling in their core, and we will ensure scalability by combining our best-of-breed products, building them once, and deploying them globally. The opportunity to drive revenue synergies from areas such as product enhancements and sharing of content is one of the really exciting aspects of this deal. Slide 16. I'd like to expand a bit on the William Hill retail business. We're really excited about the retail business and see real brand benefits here. Having an estate of 1,400 shops across the U.K., helping to build the brand awareness and trust, and to maintain the longstanding heritage of the William Hill brand. The management team have done a great job with the retail business. The estate has been right-sized, reflecting at first the changes in regulations for the gaming machines, and then the impact from COVID-19. While there are still undoubtedly some difficult decisions for the team and very difficult periods for colleagues, our due diligence work suggests it has put the business in a really strong and sustainable position with a high-quality estate run by thousands of friendly and knowledgeable shop floor staff. William Hill is the highest-rated retail brand for convenient location, which is one of the most important drivers for customers traffic. It's really a strong brand with loyal customer base and is the most recommended brand as a result of that. The management team have loads of exciting plans here, bringing in new technology to both betting and gaming. As part of this, we see a really big opportunity in omni-channel, enhancing the customer experience for people who bet across both retail and online. I'll now hand over to Yariv to outline how compelling this transaction is from a financial perspective as well. Thanks, Itai. Good morning, everyone. On slide 18, we have tried to put all the key details of the transaction on one page, hopefully most of which you have seen if you had the chance to read the RNS this morning. I will just expand on some of the key points here. The headline price is $2.2 billion, including $0.1 billion of capitalized lease cost. $2.1 billion is the amount that we actually need to finance. We put on this slide that this represents a 9.2x multiple based on normalized 2020 EBITDA. Given the strong current trading, and Itai mentioned 40% growth of William Hill in the first half of the year, if we use the last 12 months to May, the price will represent approximately an eight-time multiple or six-time post synergies. Based on comparable multiple in the market and for similar transaction, this represents a compelling price for a top-quality asset. I will cover the financial profile on the next few slides. Just quickly in terms of timetable, the main condition to closing is our shareholder vote. I'm pleased to say that we have seen strong shareholder support so far, and we will look to hold a formal vote in Q1 2022 and complete the transaction in the first half of 2022. Moving to slide 19. On a combined basis, the enlarged business would have generated just over $2.5 billion in revenue on a normalized basis in 2020. The waterfall chart here breaks out the key component of this, and it is important to note that this is an adjusted figure reflecting estimate of a full-year trading in retail. The deal will triple our revenue and EBITDA. In terms of EBITDA, the enlarged business would have generated GBP 464 million in 2020. As you can see in the waterfall chart, this reflects the GBP 156 million from 888 together with the contribution from the three key business segment of William Hill, less its corporate cost. We expect significant enhancement to our adjusted DPS in the first year of probably over 50%. From a financing perspective, we have committed funds to complete the transaction. To provide a more favorable midterm capital structure, we plan to raise approximately GBP 500 million in fresh equity at the appropriate time, which would give us pro forma leverage under 4x pre-synergies. Given the strong cash generation profile and our expectation to reduce leverage to below 3x in the medium term, we currently have no plan to change our dividend policy, which to remind you, is targeting for 50% payout of net profit. Moving to slide 20. On slide 20, we show the new makeup of the enlarged online business by geography and product. The combined business will be well-diversified with about half of the online revenue coming from the U.K. and Gaming and Betting split of around 70% and 30%. The combined business will have really strong position in the most attractive regulated markets with over 80% of online revenue in 2020 coming from regulated and taxed markets. Turning to slide 21. The combination significantly enhances our scale, and this step change will enable us to generate significant synergies. We expect cash synergies of GBP 100 million per year by 2025 with a gradual phasing of these synergies with a little over half of this in year 2, reflecting our plan to focus on business momentum and take time and consideration to ensure we capture the best product and technology from each of the businesses. We expect the cost to achieve these synergies to be around 1x the annual run rate, so approximately GBP 100 million. It is important to note that staff cost synergies are not a material part of the plan. Most of the saving are enhanced scale driven and coming from cost of sale, marketing, and technology. One of the most important attraction of the William Hill business is the strength and depth of the management team and employees, and we are really looking forward to working with the William Hill team to position the enlarged business for growth. With that, I will hand back to Itai for some concluding remarks. Okay, thank you, Yariv. Turning to slide 22, just to conclude, this is a really, really attractive transaction for 888 and William Hill International. It will drive shareholder value as well as positioning the enlarged business for future growth opportunities. It creates a more diversified business that is a leader in regulated markets with increased scale, huge product and technology capabilities. It's financially highly attractive combination. With that, I'll be very happy to take some questions now. Thank you. Ladies and gentlemen, if you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. That's again, star one to ask a question. We will take our first question from Ed Young of Morgan Stanley. Please go ahead. Good morning and congratulations on the deal. My first question was around William Hill's momentum, maybe one you could just help me with very quickly. The market share you've given on slide 6 seems to suggest it's increasing from nine into double digits, and the market shares you gave on number 12 Just hits 8%. If you just clarify if I'm just misreading that to understand it, but the general message you would seem to be giving is that market share is increasing, that growth is really inflicting William Hill. Could you just talk a little bit about what you've found in the due diligence process that you think gives you the confidence that it seems like it's already on the right path? Number two, perhaps you could just elaborate on technology, platform plans. I see in the synergies you said consolidating operations and back office onto common platforms where possible. William Hill has something like three platforms at the moment. Are you going to move them onto your platform? Maybe some color around your initial thoughts perhaps on that plan. The final question, there's been various elements of William Hill US that have been driven from the international business, in-play trading from Leeds, some bits of technology. Can you just give us some idea about where that sits? Is that all being fully cleaved off now, or is there some service agreement to maintain that in some transition? Thanks. Thanks, Ed. I'll take the first two questions and hand over the third one to Yariv to speak about how we plan to support Caesars in the transition. First of all, about William Hill momentum, we were pleasantly surprised to see the business performance from the going out of last year, coming into this year. This is a result of the investment that the William Hill team did in their products and their offering, specifically in the U.K., but in other regions there in the last 24 months. They're seeing a similar cycle, which we've seen in our business, which is you invest in product, you give customers great product experiences, and they respond positively. It's not surprising that they're having a good momentum. That accompanied with probably the best marketing campaign around the Euros, carrying the almost official anthem for the U.K. in their campaign, resulted with really good results. Good marketing, good product, good customer satisfaction leads to momentum, and we think that's where the business is. Hopefully in the beginning of a product cycle there, what we learned during the process is they also have been working on extensive future product technology enhancements in order to continue that drive across the different areas of their business. We're planning obviously to support that in order to enable growth in that business going forward. In terms of the tech platform, indeed, like I said, William Hill have various technological components, some legacy, some completely new. 888 has basically a new set of products in casino, poker and sport that we recently launched and very well run backend and PAM. Basically, the way that we look at it, we have really great components on both sides. For gaming and betting, we have the best operational teams here. It's a combination of best-in-class gaming with best-in-class betting, and that's exactly what we would like to create from this combination. Ultimately, we will have one platform supporting the best-in-class gaming products, best-in-class sports betting products to all of our customers globally. That's the aim. We're now entering into a 6-month period of completion. We will be working very closely with the teams there on planning out what that will look like in the future. That's the end goal of this combination. Regarding the service agreements and support we will give to Caesars, I'll hand over to Yariv to answer that one. Yes, Ed, with regard to the separation, there is a coherent plan already in place for the separation of William Hill International and William Hill US. This is already in execution. We expect this plan to be almost fully executed by the time that we will close the deal. There is an assumption that there will be some leftover, which we will need to service Caesars in order to complete all these processes under a transitional service agreement, which is part of the set of agreement that we sign with Caesars. Understood. Thanks. Could you just help on the detail question, sorry, just clarify. If I look at slide 6, the market share starts at 9% and goes up to 11% and then 12% by the end of 2020, 14% by June. If I look at slide 12, it said it was, you're saying William Hill's market share during 2020 was 8.3%. I just don't know how to reconcile those figures. What's different? What's the right message or level to think about? Thanks. The reason for the market share is what I mentioned before, the combination of the new products and marketing. Vaughan Lewis can elaborate specifically on those figures. Sure. In terms of the technical differences, Ed, the 2020 figure reflects the full year annual figure for the entire market. The figures on page 6 that you see going up from 9.3 to 14, those are based on the monthly Gambling Commission stats, which represent around 80% of the market from those operators that submit those monthly stats. It's William Hill's share of the operators that submit stats on a monthly basis. It's not total market, but you can see the trend there being very positive. Okay. Thank you. Thank you. We take our next question from David Brohan of Goodbody. Please go ahead. Morning, guys. Congratulations on the deal. Just a couple of questions from me. Firstly on retail, do you think that you need to further rationalize this deal? Obviously, it's been sized a lot in the last 18 months. Do you think there's any further rationalization needed there? Just also on retail, what gives you guys confidence that retail will return to close to pre-COVID levels, given the online shift that we've seen over the last 15 months? That's on retail. Just on the U.S., given the increased scale of the group, does this give you scope to invest higher in the U.S. over the medium term? Just finally, on brands, how do you see the brand portfolio in different markets? Will it be dual brand in each market or any changes you'll make to that? Thanks. Thanks for the question. I'll start with retail. In general, we think the retail, it doesn't look like it needs a further rationalization. Retail went through a few optimization processes after the change in 2020 during COVID-19. Now the retail is well-positioned with very good locations across the U.K. The scale is good. It's around 1,400 shops. They've kept the profitable and best locations shops. At the moment, we don't see any need for change. There's a really professional team managing the retail there, and we will let them continue, manage that business, and expand and execute some of the technological projects that they've been working on for the last couple of years. Again, they have some very interesting plans there in terms of technology in retail and delivering better omni-channel options. The plan is to continue and let the retail operate. In terms of the trends of retail, what we've seen since the U.K. market has opened and released restrictions, actually the existing retail shops went back to nearly or over normal of what they saw before COVID. Again, this reflects the high quality of the shops that remain. For now, retail will continue running as planned and continue executing on the very interesting plans that they have in place. Regarding the U.S., indeed, we see this as a supporting factor. The scale that we've been speaking about, we were looking to make a significant transformational M&A in order to reach scale. Scale also not only enhances our ability to increase our margins, but it also enhances our options to deal with all the opportunities that are out there in the market. One of the biggest ones is the U.S. This combination will create significantly more free cash flow for the business to invest in different areas. The U.S. is one of the areas that we're planning to invest in. Again, we have our plan. We're going to stick to our plan of rollout into various markets, sports betting markets in the U.S. This will definitely help us support those expansion plans while also doing other opportunities that we have in Europe, like taking a nice share of the sports betting market in Germany, going into Netherlands, Canada that's opening. There's a lot of opportunity and scale, and the group of talented people that are joining 888 will only help us achieve these ambitions. Last question regarding the brands. Essentially, we're buying one really amazing brand in the U.K., a household name, great heritage, not only great recognition, but great in terms of brand perception, loyalty. Obviously, we're keeping and we're going to keep investing in the William Hill brand. In terms of brand strategy in the different markets, we will, like we're going to pick and choose technology. We're not going to operate all brands in full force in all markets. We'll obviously decide which are the right brands in each market that can create the best performance, best returns, and they will be the leading brands. We might keep the other brands, that is what we call more tactical brands, in the different markets to benefit from long-tail market shares. The investment in each one of the markets is going to be on the core brands. In the U.K., just for an example, William Hill is probably one of the best, if not best known betting brands. 888casino and Poker are probably the best gaming known brands. We will continue to invest in all of those brands in the U.K. In other markets, we will make the right selections. Perfect. That's very clear. Thank you. Thank you. We take our next question from Richard Stuber of Numis. Please go ahead. Hi. Good morning. Hope you can hear me and again, congratulations on the deal. First question, again, going back to slide 6 about momentum in William Hill. In Europe, it looks like the growth is slowing down over the last few quarters. Could you say what that's due to? Is that from Germany, for example? The second question I had is on leverage. You said guiding to about 4x or less than 4x net debt to EBITDA at completion. In terms of assumptions around impact from any changes from the Gambling Act review, anything on that? Typically in recent times in M&A, when you acquire a target, there's often responsible gambling measures which aren't quite aligned with your own. Is there any risk to any of William Hill's revenues, you think, from maybe aligning its responsible gambling measures to your levels? Thank you. I'll answer the 1st question about the momentum, and Yariv will take the question about leverage and the Gambling Act in the U.K. In general, yeah, indeed, the momentum in the industry, and this is not an 888 in William Hill, in Q3, obviously there was a level of seasonality. We also saw that reflected in the numbers that came out of the UKGC, which, if I'm not mistaken, is about 17% reduction in revenue entering into the summer. That's a natural, seasonal effect that we see in the business that we're familiar with. The exception was probably last year because of the unusual situation. We are seeing a similar seasonality, and we expect that seasonality to go back to the increased activity towards Q4 as we see in the past and in normal years. There's nothing abnormal in those trends that we're seeing now. With regard to the leverage, we are expecting post the equity raise to be below 4x leverage level. We are taking into consideration that there will be synergies that will be kicking in, also we consider the potential impact of the gaming act, and we'll still have a clear path to be below 3x within short to medium terms, and I would say this short to medium terms is about 18-24 months. With regard to the gaming act in general, obviously this was part of the consideration that we took when we valued this business. We shared a similar view to the management of William Hill on how the gaming act can impact the market here in the U.K. I can tell you again that this was part of the consideration, and we are aware of this impact and the timing that it might kick in, which we don't think will happen in early 2020. This is probably more an event of end of 2022, beginning of 2023. With regard to the responsible gaming platform and philosophy, that what we saw during the due diligence, that we are actually sharing very similar approach to responsible gaming. I wouldn't think that a combination of the two businesses will have any impact in terms of responsible gaming on the businesses. On one of the businesses, of course. Cool. That's great. Very clear. Thank you. Thank you. We take our next question from Simon Davies of Deutsche Bank. Please go ahead. Yeah, good morning. A few from me, please. Firstly, with the U.S., can you just clarify what Caesars is doing in terms of platform? Are they going to take on any components of the William Hill platform, or are they going it alone? Are you able to use the William Hill brand in the U.S. post-completion of the deal? Secondly, what's the future of the Mr Green brand? Not a lot of reference to it. Do you think that will be phased out as part of your brand rationalization? Finally, you haven't really talked about revenue synergies, but there must be significant opportunities to run the business better and drive synergies. Can you talk a bit about the potential quantum of those, and do you see them as being sufficient to offset any potential dis-synergies from the Gambling Act review? Thanks. Okay, Simon. I'll take the first three questions, and I'll hand over to Yariv regarding the revenue synergies. First of all, US platform, I'd prefer you refer that question of Caesars' future plans to them. They have been developing a platform with the William Hill team. We do have an agreement with them, which I can't exactly share, but they have a very clear technological plan for the US market, and it's best to ask them about what that will look like. As I said, we obviously have our own technological platform. The deal includes the IP and all of the technological assets that William Hill International has, and we're planning to take the best in class of both tech stacks and deliver them as one ultimate product to consumers. That's the end game of this combination. Regarding William Hill brand in the U.S., we do not have the rights. We do own the William Hill brand globally. Caesars has the right to use it in the U.S. We will not be using that brand in the U.S. Mr. Green actually is definitely a brand that we like. 888 was in a process competing with William Hill, actually, to acquire Mr Green a few years ago. We definitely see that as a strong brand, specifically in areas that we have been less focused on, like the Nordics and some other northern European countries. We definitely plan to keep that brand. It was presented at the beginning of the presentation, and it's one of the core assets in gaming on the Europe ex U.K. part of the business. Regarding revenue synergies, I'll let Vaughan take that one. Sure. Look, we do see opportunities for revenue synergies here. Some of it is what Itai was just describing. With this suite of brands that we've got, which resonate in different markets with different consumers, we can really optimize the efficiency of the marketing and make sure we're deploying our marketing resources where we're generating the highest return. If we get that right, and with the systems we've got in place and with the technology and with the measurement, we will get that right, and we'll enhance the return on that marketing investment. Thinking of it from a player perspective, again, Itai and Ulrik have been talking about a lot of shared visions here in terms of the focus on creating great products, which are safe products and which deliver great experiences to customers. 888 is the best out there in terms of gaming products, with some really outstanding content, both third party and also the Section eight internal exclusive content that we've got. William Hill heritage as a sports betting business, some fantastic product there. We've got some great stuff in 888 Sport, but there's an even broader range of products and content within the William Hill sports betting business. Bringing those two excellent complementary products together and providing the best range of content and offers with the focused marketing plan across those brands where they really resonate, that does unlock quite a lot of revenue growth opportunities, allowing the combined business to get into an even stronger market share position in those really attractive end markets. Great, thanks. Thank you. We have a follow-up from Ed Young of Morgan Stanley. Please go ahead. Hello. Just a quick follow-up, if that's okay. If I look at the William Hill corporate cost, going back before last year, it was GBP 46 million in 2019. If I look at your synergy number, GBP 100 million, GBP 15 million of that's CapEx. Other overheads is only 23%, so it seems like quite a small percentage of that. Equally, your 2022 synergies of GBP 10 million also is quite conservative phasing. Should I take from that that there is a load of very necessary cost in corporate around safer gambling, other bits you don't want to touch? Is it possible to think that you're being a little bit conservative there in terms of how you're looking at both the phasing and the quantum of synergies when it comes to things like corporate cost and overhead? Thanks. We take the view that in the scale of the two businesses, this is more like a merger, and therefore it's not about synergies via cutting costs. That's why you don't see, and you're right, there is no massive amount of synergies coming from cost-cutting. We will look forward to combine these businesses and actually to utilize both strengths of each of these businesses to create a more growing business, rather than to be focused on just synergies that are coming from cutting the costs. Yeah, if there is a chance that the synergy will be above GBP 100 million, the answer is yes. In terms of the aspects around the corporate cost there, just to be clear, we split out of the figures at the back of the deck there. What you see in there is the perimeter and the entity that we're buying. It doesn't include the PLC costs and those elements. The central costs here are more combined operational costs that service across the three segments of the business. There's not a big PLC cost base to remove here. That's been done. Okay, useful. Thank you. Thank you. It appears there are no additional questions from the phone. I will now turn the call back for questions from the webcast. Thank you, Anna. We have our first question on the webcast from Pete Dalla from Kite Lake. Will the William Hill bonds or other leases cause an issue if you were to divest parts of the business? It seems there will be natural buyers, and this could help facilitate plans for de-levering. First, with regard to the bond, so as part of the deal, we are assuming the bond, and we will deal with that. We have the structure to deal with the bond, whether they stay or we will based on their market price, we need basically to pay them off. This is not an issue. With regard to the retail, Itai was clear that we see that as an important part of the business that we are acquiring, and we are not going to use or to plan for the retail anything else, but g ood performance that with the cash generation that it will generate to use that to deleverage the overall debt that we will have in our balance sheet. Thank you. Our next question is, 888 is a leading online betting operator. What does this acquisition mean for all the retail shops William Hill has around Europe? What would be the strategy for them, close down or expand the company into the retail segment? Yeah, we addressed these questions before. The retail for William Hill is mainly in the U.K., and we plan to keep that, and we see that as one of the important assets that we're acquiring here. Thank you. Our next question is from Bridie Barrett at Stifel. Payal, can you give us a sense of what capacity the U.K. estate is trading? Secondly, what will be the approach to managing multiple brands? Can you be more specific on the plans/advantages of doing this? Yeah, I gave an indication of the state of the retail shops, and I reported that after opening of retail in the U.K., they are trending in a similar level to what they were before COVID-19. We're happy with where they are. It looks like there are customers that like the retail experience and go back to the retail experience. Again, the shops are very well located and well-maintained, and therefore, it seems like that trend is a stable one at the moment. Regarding the brands, I also addressed that, and we are planning to operate a multi-brand organization, putting the best brands in front of the consumers in the right markets. It doesn't mean that we will operate and focus on all brands and all the markets. We'll just put the right ones in front of the consumers, and reach some scale and optimization in marketing through doing that. Thank you. Our next question from Ivor Jones of Peel Hunt. How has retail been performing in 2021 when open relative to assumptions for normalized 2020? Yeah, these questions have been coming in before because we're answering the same question. Maybe we'll skip to the next one. Absolutely. The next question, also from Ivor Jones, is will you change the way you operate 888, particularly in the U.K., for the rest of this year? Are you able to engage fully with William Hill ahead of acquisition, and will you have a detailed plan to execute by the time of completion? Lastly, will that accelerate delivery of synergies? First of all, until completion, the existing William Hill team, led by Ulrik, will continue running the business as per their plans. We will be able to engage with them and create plans for what the future business will look like. We are planning to speak, advise, consult, and work together with them on the plan. Obviously, they know the William Hill business better than anyone else. They've done a great job in bringing it to where it is today, to this new growth trajectory. We will create the plans together with them, and obviously, the more advanced we get with the plans, the faster we will be able to realize the future synergies. That's definitely the plan, and 888 business will obviously continue running as it has up till now in the U.K. and Europe during this process. Thank you. There appear to be no more questions on the webcast, please may I hand back to you as the speakers for any closing remarks. Yes. Thank you very much, everyone, for taking the time to join this call on such a short notice today. It really is a very exciting day in 888's history. It's very exciting for actually both companies because this combination is going to create a lot of opportunities and significantly enhance the strategic position of both companies, both entities, and create opportunities not only for the companies to grow, but for people to grow within the enlarged business. I'm looking forward to working with the William Hill team, led by Ulrik, in planning what the future will look like for this combined business, and the future will look very bright. Thank you very much for joining, and have a good day.