888 says it is on track to complete its acquisition of William Hill’s European assets in the first quarter of 2022.
UK.- The gaming group 888 has gained regulatory approval for its acquisition of William Hill’s European assets from Caesars Entertainment. It hopes to complete the deal, which includes all of William Hill’s UK retail betting shops, in the first quarter of next year.
The company will pay £2.2bn for the business in an agreement reached in September, taking on the assets from Caesars Entertainment which bought William Hill at the start of this year.
The inclusion of retail betting operations will take 888 into the land-based sphere for the first time, although several operators are interested in the possibility of buying the retail estate.
The deal has now gained mandatory antitrust and pre-completion gaming regulatory clearances, although it must still be approved by 888’s shareholders, with the vote due early in 2022.
The UK’s Financial Conduct Authority must also approve the re-admission of 888 ordinary shares to the premium listing segment of its Official List.
888 has appointed Guy Cohen as senior vice president and director of integration to work with the senior team at William Hill in preparation for the integration of its assets. Cohen was formerly senior vice president and head of B2C at 888.
CEO Itai Pazner said: “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.
“The appointment of Guy Cohen also strengthens our leadership and commitment to this important process, as we look to leverage the significant expertise and talent from both businesses to benefit the combined group.
“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.”