Matthew Neville

London online betting company swept up by £500m international counterpart

Global online betting and gaming company 888 Holdings PLC has provided an update on the acquisition of London based counterpart William Hill.

The group is pleased to confirm that it has received all mandatory antitrust and pre-completion gaming regulatory clearances, marking the satisfaction of these important conditions of completion of the Acquisition.

As previously announced, 888 expects to raise approximately £500m of gross proceeds by issuing new equity via a capital raise, which is currently expected to occur prior to the completion of the acquisition.

As set out in the acquisition announcement, there are several remaining conditions to completion, most notably the approval of 888’s shareholders, by ordinary resolution, at a general meeting of 888.

Itai Pazner, CEO of 888, 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 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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