888 Holdings expects to conclude the purchase of William Hill’s assets outside the United States by the second quarter of 2022. This marks a minor postponement from the original first-quarter completion goal declared in November.
As per the most recent update, 888 will release a joint prospectus for the acquisition and funding in the second quarter, succeeded by a shareholder vote to approve the transaction. The funding strategy, detailed in the November statement, entails raising a total of £500 million (roughly $6.755 billion) through an equity offering.
With all essential antitrust and gaming regulatory permissions secured, only a handful of obstacles persist. The acquisition is projected to finalize upon fulfillment of all remaining conditions.
888’s £2.2 billion agreement to procure William Hill’s non-US assets from Caesars Entertainment, subsequent to a competitive bidding procedure, was initially disclosed on September 9th.
At the time, 888 CEO Itai Pazner lauded the acquisition as “a transformative and genuinely thrilling juncture in 888’s history,” stating that the deal “will establish a global online wagering and gaming frontrunner with superior size, a leading brand collection, enhanced diversification, and a foundation for robust expansion.”
The gaming giant, 888, is divesting its complete bingo platform, encompassing both the consumer-facing and business-oriented segments, to Saphalata Holdings for a substantial $50 million. The transaction is anticipated to conclude during the second quarter of 2022, a period already bustling with activity for 888.