888 Holdings William Hill Acquisition Pushed to Q2 2022
The 888 Holdings purchase of William Hill’s operations outside the United States is now anticipated to close in the second quarter of 2022. This represents a minor postponement from the original schedule revealed in November, which had a Q1 target date.
According to 888’s most recent statement, the required shareholder vote will occur in Q2, following the publication of a joint prospectus for the acquisition and its funding. The funding strategy itself is mostly unchanged from what was presented in November, with 888 seeking to generate a total of £5 billion (about $6.755 billion USD) via a share offering.
The acquisition is now simply awaiting the satisfaction of any outstanding requirements, as all significant antitrust and gaming regulatory clearances have been granted.
As a refresher, this agreement was reached following a competitive bidding process that ended on September 9th when 888 declared it had reached an agreement with Caesars Entertainment, William Hill’s parent company, to buy the bookmaker’s non-US holdings for £2.2 billion.
Itai Pazner, CEO of 888, hailed the acquisition as “a transformational and thrilling event in 888’s history” at the time, stating that “the merger will establish a worldwide online betting and gaming leader with substantial scale, outstanding brands, improved diversification, and a foundation for rapid expansion.”
The gaming firm, 888, is divesting its bingo products to Saphalata Holdings in a transaction valued at $50 million. The acquisition is anticipated to be finalized in the second quarter of 2022. This move represents another significant shift for the organization within a brief timeframe.
