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UK: 888 very close to acquiring William Hill’s non-US assets in Q2 2022

Chris Grand |
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888 Holdings, one of the most successful business entities hopes to complete the acquisition of William Hill’s non-US assets, but in the second quarter of 2022. Initially, though, the company had hoped to have a Q1 completion date.

888 Holdings’ most recent news update indicated that it will go ahead and release both a combined circular and prospectus detailing about the acquisition along with a capital raise in the second quarter, a move that will be soon followed by shareholder vote aimed at finalizing the entire deal.

The capital raise was highlighted in the firm’s November announcement, when 888 Holdings outlined its intentions of generating up to £500m ($675.5m) of its gross proceeds through the issuance of new equity.

But having been granted the entire mandatory antitrust along with gaming regulatory clearances, these minor hurdles remain, with the acquisition expected to be completed after a short time, but only after any outstanding issues are sorted out.

It was after a bickering discussion that 888 Holdings announced its agreement with Caesars Entertainment, the owner of William Hill, on 9 September to go ahead and offer £2.2 billion for the purchase the bookie’s non-US assets.

“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,” said 888 Holdings Chief Executive Itai Pazner.

In one of their latest news updates, 888 Holdings agreed that it will sell all their B2C and B2B bingo firms to Saphalata Holdings for a fee of $50m. Everything is scheduled to be completed in the second quarter of 2022, something that sees the company getting even busier.

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