William Hill acquisition

888 Holdings has said that its acquisition of William Hill’s non-US assets will be complete in Q2 of this year, after initially stating it expects to close the purchase in the first quarter.

In an announcement on the final day of 2021, the company stated that it expects to publish a combined circular and prospectus for the acquisition and raising of capital during the second quarter, with a shareholder vote to follow.

The acquisition of William Hill’s non-US business from Caesars Entertainment for £2.2 billion (€2.57 billion) was announced in September, and was hailed by 888 CEO Itai Pazner as “hugely exciting.”

The purchase is 888’s largest since its listing in 2005 and will give the online betting group access to 1,400 betting shops across Britain, as in-store comes back with a bang following a pandemic pause.

In November, the company revealed how it would be raising some £500 million in funds by issuing new equity.

The transaction is expected by Mr Pazner to 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.”

The move comes as 888 has agreed to sell its B2C and B2B bingo business for $50 million (€44 million), in a sale also scheduled to be completed in Q2.

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