888 Holdings has provided an update on the acquisition of William Hill made on 9 September 2021.
The operator has had a large focus on processing the integration planning of the purchase. It has appointed Guy Cohen as SVP, Director of the Integration (formerly serving as SVP Head of B2C at 888, and will continue to report to 888 CEO Itai Pazner), to work alongside William Hill’s senior team.
Completion is expected to finalise in Q1 2022, subject to satisfaction of the remaining conditions. The company has confirmed it has received all mandatory antitrust and gaming regulatory clearances.
Through the proceeds, 888 expects to raise around £500m ($668.1m) by issuing new equity via a capital raise, which is said to be a requirement to occur before the finalisation of the acquisition.
The overall execution of the takeover is also based on the Financial Conduct Authority's approval of the readmission of 888’s ordinary shares, and the London Stock Exchange's approval of the readmission to trade on the main market for listed securities.
In addition to this, completion of a re-organisation of the William Hill group is needed to separate its UK and US businesses.
Itai Pazner, 888 CEO, commented: "This transaction will create one of the world's leading online betting and gaming groups with superior scale, leading technology, increased diversification, and a platform for strong growth, supported by a portfolio of iconic brands.
"The appointment of Cohen also strengthens our leadership and commitment to this important process, as we look to leverage the significant expertise and talent from both businesses to benefit the combined group.
"I'm delighted that we have now checked off a number of important milestones towards the completion of the acquisition. Given the strong progress we have made, we now expect the transaction to complete in the first quarter of 2022 and are excited about the opportunities ahead of us as we combine two powerful and complementary businesses."