HomeGambling Industry888 to close William Hill asset purchase in the second quarter of the year

888 to close William Hill asset purchase in the second quarter of the year

2 min. read

888 Holdings expects to complete the acquisition of William Hill's non-US assets during the second quarter of 2022. This is a departure from the November announcement, when the company had expected a Q1 completion.

According to 888's most recent update, the company stated that it will publish a combined prospectus and circular for the acquisition and capital raising in the second quarter. Then, shareholders will vote to approve the deal.

The company announced the capital raise in November. 888 stated that it intended to generate $675.5 million gross proceeds through issuing equity.

These few remaining hurdles are now cleared. The acquisition is expected to close after that, subject to the satisfaction of any outstanding conditions.

After a contested auction, 888 announced that it had reached an agreement with Caesars Entertainment on September 9 to buy William Hill's assets outside of the US.

In November, the gambling group provided its most recent update on the transaction. It explained that it has received mandatory antitrust regulatory clearances and pre-completion of gaming regulatory clearances. This allowed for the finalization of the takeover.

Itai Pazner, Chief Exec of 888, stated that the acquisition of William Hill International was a transformative and exciting moment in 888 history.

"This transaction will create one of the world's leading online betting and gaming groups with superior scale, exceptional brands, increased diversification and a platform for strong growth," he added.

Recent news is that 888 has agreed to sell its entire B2C bingo business to Saphalata Holdings for $50 million. This sale will also be completed in Q2 2022. This adds to a busy three months the company had as 2021 rolled to a close.

As 888 is now taking a further step to increase its UK and global presence through the William Hill acquisition, it is uncertain if it will continue controlling its extensive network of retail outlets.

Apollo Global Management, BoyleSports and Fred Done are believed to still be interested in the remaining betting locations.

Image source: Unsplash.com

02 Jan 2022
2 min. read
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