888 Holdings Release William Hill Update

888 Holdings Release William Hill Update

Deal update released by 888 Holdings PLC following William Hill acquisition on 9th September 2021

• In the wake of the 9 September, 2021 acquisition of William Hill (one of the UK’s biggest bookmakers), 888 Holdings (a major gambling company, operator of 888 Casino, Poker & Sport) has released an update on the deal.
• Guy Cohen, formerly SVP Head of B2C at 888 and reporting to 888 CEO Itai Pazner, has been named Director of Integration to work alongside William Hill’s executive management.
• The project is anticipated to be completed by the first quarter of 2022, if all standards are met.
• In addition, the William Hill firm needs to be restructured to split its UK and US operations.
• Itai Pazner, 888 CEO, commented: “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.

In the wake of the 9 September 2021 acquisition of William Hill, 888 Holdings have released an update on the deal.

The project is now anticipated to be completed by the first quarter of 2022 if all standards are met. The corporation has already obtained antitrust and gaming regulatory clearances.

Processing the purchase’s integration planning has been the primary focus of the operator. Previously SVP Head of B2C at 888 and reporting to 888 CEO Itai Pazner, Guy Cohen has been named Director of Integration to work alongside William Hill’s executive management.

World Leading Betting and Gaming

Itai Pazner, 888 CEO, commented: “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 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 several important milestones towards the 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.”

Re-listing of Public Shares

As part of the entire takeover process, the Financial Conduct Authority and the London Stock Exchange must approve the re-listing of 888’s ordinary shares on the primary market for listed securities.

888 aims to raise around £500 million ($668.1 million) from the proceeds by issuing new equity via a capital raising, which is claimed to be a prerequisite before the acquisition’s completion.

In addition, the William Hill firm needs to be restructured to split its UK and US operations.

The full William Hill International Acquisition Update is available here