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The selling off of former betting giant William Hill continues, with a key update that affects shareholders and stakeholders alike.
New Date Deadline
The acquisition of William Hill's non-US assets is going to 888 Holdings, with 888 announcing that the completion of WH non-US assets will complete in Q2 2022.
Updating the Transformation
The announcement moves the acquisition of one of the top betting houses in the world in one of the largest markets in the world (UK) from Q1. The move will transform the global iGaming landscape.
Deal Structure
In updating the original November announcement regarding the takeover with the new timeline, 888 provided a combined circular and prospectus process for the Q2 acquisition and capital raise road map, which will conclude with a shareholder vote to complete the deal.
Original Announcement
The capital raise was initially introduced to the public in a November, when 888 stated a goal of generating £500m ($675.5m) of gross proceeds via new equity issuance.
Security Clearances
As long as the acquisition phase remains compliant, the acquisition will complete without further hurdles.
Original Deal
The acquisition is the product of a veritable bidding war completed September 9 of last year when 888 struck an agreement with WH owner Caesars Entertainment to purchase WH's non-US assets for £2.2bn.
Head of 888 Speaks
At the time of the deal, 888 Chief Exec Itai Pazner was already hugely optimistic, calling the acquisition of William Hill International “a transformational and hugely exciting moment in 888’s history.”
New Benefits
He looked forward to the new deal establishing “the world’s leading online betting and gaming groups” featuring competitive advantages of “superior scale, exceptional brands, increased diversification and a platform for strong growth.”
Other 888 Moves
This is just one of several adaptive moves for 888. Recently, 888 closed a deal to sell it's full portfolio of B2C and B2B bingo businesses to Saphalata Holdings for $50m, a deal also scheduled for completion in Q2 2022.
Outlook
While we see smaller and emerging companies make bold adaptive moves a lot lately, it is interesting to see the big guns of iGaming realign forces to fortify the overall market as well.
