The gaming powerhouse, 888 Holdings, is taking significant steps to bolster its position in the internet gambling arena. They have targeted William Hill, a celebrated entity in the sector, and declared their intention to purchase the company on September 9th, 2021. Recently, they provided an update on the merger’s progress.
To ensure a seamless transition, 888 Holdings has appointed Guy Cohen, a seasoned executive from within, to supervise the integration procedure. Cohen, intimately familiar with 888 Holdings’ customer-facing activities, will collaborate directly with William Hill’s executive team.
The culmination is near! The acquisition is projected to conclude in the initial quarter of 2022, subject to customary closing prerequisites. Notably, they have already secured approval from all relevant regulatory entities, encompassing those overseeing competition and gaming regulations.
To fund this substantial acquisition, estimated at a considerable £5 billion (approximately $6.68 billion), 888 Holdings intends to release new stock. This constitutes a critical measure in finalizing the deal.
Prior to the deal’s completion, they require final consent from the UK Financial Conduct Authority to relist 888 Holdings’ common shares. Additionally, they need authorization from the London Stock Exchange for their shares to be traded on the primary market.
As part of the overarching strategy, William Hill will undergo internal reorganization, dividing its UK and US branches.
The head of 888, Itai Pazner, shared his enthusiasm for the merger, noting it will create a worldwide online wagering and gaming leader. He stressed the remarkable size, cutting-edge technology, and enhanced variety of the new company, all driven by a portfolio of renowned brands.
Pazner also pointed to Cohen’s addition to the executive team, emphasizing their dedication to this strategic action. He contends that capitalizing on the expertise and skills from both entities will significantly advantage the unified organization.
Lastly, Pazner conveyed his contentment with the advancements made in the acquisition proceedings and expects a Q1 2022 finalization. He concluded by expressing his eagerness for the future prospects that await the combination of these two strong and complementary enterprises.