888 Looks to Finish the William Hill Takeover During Q2 2022
Published: January 4, 2022
888 Holdings, a prominent online gaming content operator, expects the transaction regarding its William Hill takeover to transpire in Q2, 2022. The purchase, which will have 888 acquire William Hill’s non-US assets, will see the gaming group release a circular and prospectus regarding the takeover.
They will consider capital raise, with a planned shareholder vote to follow. The group had previously shared its plans considering the capital raise, looking to accumulate $676m of gross proceeds. The enterprise expects to finish the process before the acquisition is completed.
888 Holdings started the final preparations for the transaction in November 2021, upon providing the required regulatory clearances and mandatory antitrust.
However, the purchase completion was initially scheduled for early 2022. As the process progressed, the merger was postponed for Q2 2022. William Hill’s new owner, Caesars Entertainment, completed its purchase in 2020.
They announced their plans to offload all of the company’s non-US divisions almost instantly. 888 Holdings acted on it immediately, making a bid of nearly $3bn on September 9, 2021.
888 Holdings has significantly enhanced the UK and international presence by purchasing William Hill. The move matches its plans to experience stable growth and expand its global footprint.
However, it remains to be seen whether the enterprise will stay in charge of Hill’s comprehensive suite of retail outlets. The company succeeded in outbidding at least three other interested companies.
William Hill is a leading gaming brand and one of the first to move into the booming US market. Meanwhile, new gaming juggernauts have appeared, making the nativization of business under the banner of prominent brands be the most logical move.
Commenting on the new merger, 888 CEO, Itai Pazner, stated:
This transaction will create one of the world’s leading online betting and gaming groups with superior scale, leading technology, increased diversification, and a platform for strong growth, supported by a portfolio of iconic brands.
About 888 casino
888 casino is one of the most recognizable and popular Canadian online casinos. As pioneers in the industry and part of the respected 888 Holdings, they started working in 1997.
Since then, they developed multi-award-winning games and promotions and opened their doors to 26 million members. More than 2,000 casino games in their portfolio, including progressive jackpots, offer a unique experience to all the players.