Earlier this week, the online gambling company 888 Holdings said that it made “strong progress” with its £2.2-billion acquisition of the European assets of William Hill. The operator further revealed that the deal is expected to be finalised in the first three months of 2022.
As Casino Guardian reported, the two gambling companies reached an agreement in September. Following the acquisition of William Hill’s 1,400 betting shops, 888 Holdings will get a retail presence for the first time.
This week, the online gambling operator confirmed that it had already received all the necessary approvals from the country’s antitrust and gambling regulatory bodies. The company shared that a circular and prospectus would probably be issued at the beginning of the following year, with a shareholder set to follow. 888 Holdings revealed expectations to raise approximately £500 million in equity before it finalises the takeover deal for the European business of William Hill, which is set to happen earlier than originally expected.
Earlier in 2021, the British online gambling company was officially confirmed as the successful bidder for William Hill’s non-US assets after it managed to outbid its main competitor for the business, Apollo Global Management.
William Hill’s Takeover Deal Expected to Create Gambling Conglomerate with Diversified Presence
The US casino and entertainment giant Caesars Entertainment acquired William Hill in a £2.9-billion deal that was completed in April 2021. However, upon the completion of the takeover, the company made it clear that it did not intend to keep the European assets of the British gambling and betting operator as it was only interested in William Hill’s US arm.
Now, Itai Pazner, the chief executive officer of 888 Holdings, shared that the acquisition of William Hill’s non-US assets would create one of the leading online gambling and betting groups on a global scale – a true conglomerate with superior presence, increased diversification, leading technology and opportunities for further growth, which would be supported by a strong portfolio of iconic brands.
Mr Pazner confirmed that 888 Holdings had managed to check off several important milestones toward the completion of William Hill’s acquisition. He also shared that the takeover would probably be completed in the first quarter of the following year and everyone at 888 Holdings were already excited about the multiple opportunities ahead of them that would occur upon the closure of the long-expected transaction.
Guy Cohen has already been appointed to the position of Senior Vice President, director of integration, and would work alongside a senior team for William Hill’s business. As explained by Mr Pazner, the newly-appointed Senior Vice President would play a critical role in strengthening the company’s commitment and leadership to the important takeover process. He further noted that 888 Holdings looks to take advantage of the considerable professional expertise of both businesses in order to boost the future prospects of the combined gambling group.
- Author
Olivia Cole
