888’s Acquisition of William Hill International Delayed to Q2 2022
888 anticipates completing the purchase of William Hill’s operations outside the United States in the second quarter of 2022. This signifies a minor postponement from the original Q1 closing objective declared in November.
The firm’s recent statement indicated that a joint prospectus and shareholder circular regarding the acquisition and funding will be released in Q2, succeeded by shareholder ballots to authorize the transaction.
This financial strategy, detailed in the November declaration, entails raising a sum of £500 million (roughly $6.755 billion) via a share offering.
With all essential antitrust and gaming regulatory clearances obtained, these concluding actions are the only remaining steps before the acquisition is finalized.
888 emerged victorious in a fiercely competitive bidding contest for William Hill’s non-US holdings from proprietor Caesars Entertainment on September 9th, consenting to a £2.2 billion valuation.
At the time, 888 Chief Executive Itai Pazner remarked: “The acquisition of William Hill International represents a transformative and incredibly thrilling juncture in 888’s history.”
“This deal will establish a worldwide online wagering and gaming frontrunner with unparalleled reach, remarkable brands, enhanced diversification, and a robust foundation for expansion.”
A prominent wagering and entertainment organization, 888, is divesting its lottery-style gaming division to Saphalata Holdings for a substantial $50 million. The transaction is anticipated to finalize during the second quarter of 2022, contributing to an already active year for 888.