888 Holdings is a step closer to completing its acquisition of William Hill assets in Europe. As the gaming operator continues to cross hurdles toward the finish line, it just jumped a big one. 888 has received important regulatory clearances that will lead to the purchase finally closing.
In terms of the timeframe needed to complete a major gaming acquisition, this one is moving relatively quickly. 888 announced this morning that its purchase of William Hill’s non-US gaming assets had received antitrust and pre-completion approval from regulators. It was only in September that the company revealed that it had reached an agreement with Caesars Entertainment to purchase the assets for about $3 billion.
Provided no unexpected obstacles appear, the acquisition should be complete sometime during the first quarter of next year. This is “subject to satisfaction of remaining conditions to completion,” according to the announcement.
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,” states 888 CEO Itai Pazner.
It will also have a slightly smaller footprint, as William Hill recently announced the closure of three online casino brands.
Executive Changes to Support Expanded Operations
888 is undertaking a few initiatives to support the acquisition and the subsequent inclusion of new operations. An updated shareholder prospectus will be delivered early next year, in which 888 will explain its new equity plans. The company is going to raise funds prior to the completion of the purchase, which will help cover some of the costs.
£500 million (US$667.3 million) in gross proceeds is the target for the funding round. Shareholders will need to weigh in on that capital raise, as well as the William Hill acquisition, before the final paperwork can be signed. A general meeting will be scheduled to allow the vote, with the date to be provided sometime early next year.
Provided the funding round is successful and the shareholders say yes, there are still other requirements to be met. 888 explains, “Completion of the Acquisition is also conditional upon the Financial Conduct Authority’s approval of the re-admission of the ordinary shares of 888 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-organisation of the William Hill group to separate the US and non-US businesses of William Hill.”
Finish Line Approaching Quickly
If 888 makes it that far without any trouble, the deal will be finalized. The entire process is being assisted by Guy Cohen. He has been tapped to be the company’s SVP, Director of Integration. He is in constant contact with members of William Hill’s senior team, reporting directly to 888 CEO Itai Pazner. Previously, Cohen was the SVP, Head of B2C for 888.
Pazner added of Cohen’s appointment, “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.”
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