888 Holdings anticipates that it will complete the acquisition of William Hill’s non-US assets in the second quarter of 2022. This is a change from an announcement in November when the company expected a Q1 completion date.
In its most recent update, 888 said it will publish a combined circular and prospectus for the acquisition and capital raise in the second quarter, followed by a shareholder vote to finalise the deal.
The capital raise was outlined in the company’s November announcement, when 888 stated its intention to generate £500m ($675.5m) of gross proceeds by issuing new equity.
Having already received all mandatory antitrust and gaming regulatory clearances, these few hurdles remain, with the acquisition expected to complete thereafter, subject to the satisfaction of any outstanding conditions.
Following a heated auction, 888 announced that it had entered into an agreement with Caesars Entertainment, the owner of William Hill, on 9 September to purchase the bookmaker’s non-US assets for £2.2bn.
At the time, 888’s Chief Exec Itai Pazner commented: “The acquisition of William Hill International is a transformational and hugely exciting moment in 888’s 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.”
In more recent news, 888 agreed to sell its entire B2C and B2B bingo businesses to Saphalata Holdings for $50m. The sale is also scheduled for completion in Q2 2022, adding to an already busy three-month period for the company.