888 has announced that it has made significant progress in its acquisition of William Hill International.
All mandatory antitrust and gaming regulatory permissions have been received, and the shareholder circular and prospectus will be released in early 2022, followed by a shareholder vote.
Completion is currently expected in Q1 2022, pending the fulfillment of the remaining criteria. 888 aims to generate about £500 million in gross proceeds through a capital offering, which is presently planned to take place prior to the closing of the transaction.
Guy Cohen has been appointed SVP, Director of Integration, to work alongside senior counterparts from William Hill on the integration planning.
The re-admission of 888’s ordinary shares to the premium listing segment of the Official List and the London Stock Exchange’s approval of the re-admission to trading on the main market for listed securities, as well as the completion of a re-organization of the William Hill group to separate the US and non-US businesses of William Hill, is also conditional on completion.
Itai Pazner, CEO of 888, surmised: “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 Guy Cohen to the critical role of SVP, Director of Integration 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 a number of important milestones towards 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.”
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