888 Holdings Pushes Back William Hill Acquisition to Q2 2022

888 Holdings anticipates completing its purchase of William Hill’s international operations in the second quarter of 2022. This represents a minor postponement from the original Q1 2022 timeframe, which the firm declared in November.

The updated schedule, disclosed in a recent communication, suggests that 888 will release a joint prospectus and circular concerning the acquisition and funding in Q2. Subsequently, shareholder ballots will be held to ratify the transaction. The financial strategy, entailing raising a sum of £5 billion (roughly $6.76 billion) via a share offering, was detailed in the company’s November statement.

These actions constitute the final obstacles in concluding the acquisition, succeeding the receipt of all essential antitrust and gaming regulatory approvals. The deal is projected to be finalized soon after all pending conditions are satisfied.

As you might recollect, 888 emerged triumphant after a competitive bidding contest, revealing on September 9th that it had secured an agreement with Caesars Entertainment, William Hill’s parent entity, to procure the bookmaker’s non-US holdings for £2.2 billion.

At the time, 888 Chief Executive Itai Pazner lauded the acquisition as a “pivotal and exhilarating juncture in 888’s trajectory,” noting that “the union of 888 and William Hill International will establish a global online wagering and gaming frontrunner with superior size, a prominent brand assortment, enhanced diversification, and a foundation for robust expansion.”

A top gaming and wagering firm, 888, is divesting its lottery-style game division for a substantial $50 million. The acquiring entity, Saphalata Holdings, is anticipated to conclude the transaction sometime in the spring of 2022. This marks the most recent action in a period of heightened activity for 888.