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 target, as declared by the firm in November.
The recent statement indicates that 888 will release a joint acquisition and prospectus during Q2, succeeded by a shareholder ballot to authorize the transaction. The funding strategy, initially presented in November, entails securing a total of £5 billion (roughly $6.76 billion) through an equity offering.
Having obtained all essential antitrust and gaming regulatory clearances, these concluding actions are the final obstacles. The acquisition is projected to conclude soon after, contingent upon fulfilling any remaining stipulations.
This agreement marks the culmination of a competitive bidding procedure that commenced in September when 888 revealed its £2.2 billion pact with Caesars Entertainment, William Hill’s parent entity, to acquire the bookmaker’s non-US holdings.
At the time, 888 CEO Itai Pazner lauded the deal as “a transformative and momentous occasion in 888’s history,” noting that “the merger will establish a worldwide online wagering and gaming frontrunner with superior size, remarkable brands, enhanced variety, and a foundation for robust expansion.”
The gaming company 888 is divesting its complete bingo operations, encompassing both consumer and business-facing segments, to Saphalata Holdings for a sum of $50 million. This transaction is slated to finalize in the second quarter of 2022 amidst a period of heightened activity for 888.