The completion of the proposed acquisition of William Hill International is nearing an end. Earlier this week, the shareholders of 888 Holdings gave their approval for the planned sale that is expected to be finalised by the end of next month.
On May 16th, Gibraltar-based online gambling business 888 Holdings held its general meeting, at which more than 99% of the company’s shareholders voted in favour of the proposed takeover of William Hill. The latter is currently a UK asset of Caesars Entertainment. Only 0.27% of the shareholder votes, which account for 819,264 votes, were against the proposed acquisition deal. A little over 18,300 votes were withheld.
Lord Mendelsohn, who chairs 888 Holdings, commented on the group shareholders’ approval, saying that the gambling operator’s board of directors was extremely happy with the overwhelming investor support that the proposed deal received. He also thanked the shareholders for their constructive and continued engagement with the process and said that the management of 888 Holdings is looking forward to completing the deal, which he described as a “transformational acquisition” for the company.
As confirmed by Lord Mendelsohn, the takeover deal will eventually create a global online gambling and betting leader.
888 Holdings to Keep William Hill’s Retail Sportsbook Business Branding
As Casino Guardian previously reported, after completing its £2.9-billion acquisition of William Hill in April 2021, Caesars Entertainment revealed that it has no intention of keeping the non-US business of the British betting operator, so the European assets of the company would be sold.
The non-US assets of William Hill attracted the interest not only of 888 Holdings, but also of several other gambling companies, including Kindred Group, Betsson, and the investment fund Apollo Global Management. Eventually, in September 2021, the Gibraltar-based gambling operator won the competition, making a £2.2-billion offer to take over the European assets of William Hill. The company said at the time that it intended to be financing the acquisition with new debt worth £2.1 billion. It also revealed an intention to issue new shares as part of an effort to raise approximately £500 million.
Last month, Caesars Entertainment officially announced that the two parties reached an agreement to revise the price consideration of the asset transaction by £250 million so that the ongoing changes in the regulatory and macro-economic environment is reflected. The end price was reduced to the range between £1.95 billion and £2.05 billion.
Apart from the reduction of the initially agreed price, the attention of media outlets was attracted by the news that William Hill became subject to an operating licence review by the UK Gambling Commission (UKGC). The UK gambling regulatory body rolled out an investigation over alleged breaches of the gambling company’s anti-money laundering and social responsibility obligations. As a result of the probe, William Hill was forced to put aside a total of £15 million to guarantee it would be able to pay out any financial sanction that could be imposed by the country’s gambling watchdog.
The completion of William Hill’s takeover deal will help 888 Holdings enter the retail sports betting market thanks to its network of more than 1,400 betting shops in the UK. So far, 888 Holdings has revealed that it intends to keep the retail betting business’ brand operational so that the heritage of the William Hill is preserved.
- Author
Olivia Cole
