888Holdings anticipates that the full completion of its William Hill and William Hill International takeover will take place in Q2, 2022.
The acquisition, which will see 888 takeover Hill’s non-US assets, will also see the international gambling group 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, and is expected to be finished prior to the completion of the William Hill takeover.
888 moved into the final stages of the preparations for its acquisition of the retail and online betting and gaming operator William Hill last month, upon securing mandatory antitrust and pre-completion gaming regulatory clearances – however, the merger was initially predicted for Q1 2022.
Commenting on developments at the time of the regulatory approvals, 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.”
888 Holdings successfully secured William Hill’s non-US assets from the latter’s new owner, Caesars Entertainment – which had made its plans to sell off all of William HIll’s non-US divisions clear upon completing its own acquisition earlier in the year – with a £2.2bn bid on September 9.
Although 888 has now taken another step to significantly bolstering its UK and international presence by acquiring William Hill, it is unknown whether the company will continue to retain control over its new subsidiary’s extensive suite of retail outlets.