By the end of Q2, 888 Holdings anticipates its acquisition of William Hill’s non-US assets will be complete. On Sept. 9, the online casino company announced it had entered into an agreement with Caesars Entertainment, the owner of William Hill, to purchase the bookmaker’s overseas operation for roughly $3 billion.
Small delay in the process is strictly financial
The company originally expected for the deal to close in Q1 of 2022. However, in a recent company update, 888 announced it planned to raise additional capital, followed by a shareholder vote to finalize the deal. The company said it wanted to generate $676 million in new equity.
888 Holdings already received all mandatory antitrust and gaming regulatory clearances, according to Gambling Insider.
The popular casino brand beat out Apollo Capital Management and CVC Capital Partners in a fierce bidding war to acquire William Hill’s UK business. As a result, it will add 1,400 shops to the 888 portfolio.
But 888 is not finished reshaping its company. Recently, Saphalata Holdings announced it will purchase 888’s entire B2C and B2B bingo operation for $50 million. Additionally, the deal includes an extra $4 million, depending on revenue-based performance.
Completion of the sale is contingent on Saphalata getting its own UK gambling commission license. Pending no delays, the deal is scheduled to close in Q2.
Creating a leading online gambling brand in 88
Back in September, Itai Pazner, 888’s Chief Executive, said “The acquisition of William Hill International is a transformational and hugely exciting moment in 888’s history.” 888 has a firm foot in the industry with the addition of 888’s sportsbook brand and 888 online poker, among others.
“This transaction will create one of the world’s leading online betting and gaming groups with superior scale, exceptional brands, increased diversification and a platform for strong growth.”
Last year, Caesars acquired William Hill for a massive $3.7 billion.