888 Holdings expects to acquire William Hill in Q2
The company has anticipated that it plans to close the acquisition in the second quarter of the year, a change from a previous announcement when the closure was expected to take place in Q1.
UK.- 888 Holdings has anticipated that it will complete the acquisition of William Hill’s non-US assets in the second quarter of the year. This is a change from an announcement in November when the company expected to close it in Q1.
888 has already reported it has gained regulatory approval for its acquisition of William Hill’s European assets from Caesars Entertainment.
In the second quarter, the international gambling group will publish a combined circular and prospectus for the acquisition and capital raise, with a shareholder vote scheduled to follow.
The capital raise was previously outlined by 888 with the goal of generating £500m of gross proceeds by issuing new equity.
In September, 888 Holdings confirmed that it reached a deal to buy William Hill’s European business from Caesars Entertainment for £2.2bn.
It had already emerged that 888 looked likely to win the auction, having beaten bids from rival contenders including US private equity fund Apollo Global Management with an offer well over the predicted £1.5bn sale price.
At the time, 888´s Chief executive Itai Pazner said: “The acquisition of William Hill International is a transformational and hugely exciting moment in 888’s history. This transaction will create one of the world’s leading online betting and gaming groups with superior scale, exceptional brands, increased diversification, and a platform for strong growth.”
