888 Holdings has updated its timeline for the completion of its acquisition of William Hill and William Hill International’s non-US assets to the second quarter of 2022. 

888 targets buyout of William Hill 

In addition, the international gambling group will publish a combined circular and prospectus for the acquisition and capital increase in Q2 2022, followed by a shareholder vote.

888 previously stated that the capital issue will generate £500 million in gross funds through the issuance of additional equity and would be completed before the completion of the William Hill takeover.

The said company has entered the final steps of preparations for its acquisition of former FTSE250 retail and online betting and gaming company William Hill last month, following the receipt of mandatory antitrust and pre-closing gaming regulatory clearances – the merger was originally scheduled for Q1 2022.

888 CEO Itai Pazner stated, “This deal will establish one of the world’s premier online betting and gaming businesses with superior size, leading technology, improved diversification, and a foundation for robust growth, all backed by a portfolio of iconic brands.”

888 Holdings successfully acquired William Hill’s non-US assets from the latter’s new owner, Caesars Entertainment, with a £2.2 billion bid on 9 September. Caesars Entertainment had made it clear that it intended to sell off all of William Hill’s non-US divisions following its acquisition earlier in the year.

Although 888 has taken another step toward considerably strengthening its UK and international reach by acquiring William Hill, it is unclear whether the business will retain control over the new subsidiary’s huge retail network.

Related Moves

Apollo Global Management – which also bid against Caesars in the initial sale and Betfred owner Fred Done and Irish operator BoyleSports, are still interested in the betting shops.

Meanwhile, 888 Holdings recently sold its Dragonfish online bingo business to Broadway Group’s Saphalata Holdings for a total price of $50 million, as the latter seeks to concentrate on its US operations and other B2C assets.