Progress announced on 888 Holdings, William Hill deal
With the news, deal is expected to go ahead early next year.
The stage is set for online betting giant 888 Holdings to take over the non-US assets of William Hill after strong progress has been made on the deal. This arm of William Hill is expected to be purchased from Caesars Entertainment for the sum of £2.2bn ($2.9bn).
The sale is expected to become final in the first quarter of 2022.
The purchase means that Europe-based 888 – until now largely an online gaming operator – will be making a foray into brick-and-mortar, as William Hill betting shops dot the high streets of Great Britain.
Yesterday’s update on the sale – released to the press by 888 – inspired confidence in the shareholder that the deal would go ahead. Among the issues noted in the release were that all mandatory antitrust checks had been overcome, new equity via a capital raise was to be issued, and that a new SVP, Director of Integration, Guy Cohen, had been appointed.
The shareholder vote finalizing the sale is expected to take place early in the new year.
CEO of 888, Itai Pazner, noted the diversification he expected to see in his company’s offerings following the acquisition: “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.”
Pazner was upbeat about the prospects of the deal going forward: “I’m delighted that we have now checked off a number of important milestones towards completion of the acquisition.
“Given the strong progress we have made, we now expect the transaction to complete in the first quarter of 2022 and are excited about the opportunities ahead of us as we combine two powerful and complementary businesses.”
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