888 Holdings Acquisition of William Hill on Track for September 2021 Completion

The acquisition of William Hill by 888 Holdings is slated for completion on September 9th, 2021, with the purchasing entity recently releasing new information about the deal. To guarantee a seamless merger, 888 Holdings has named Guy Cohen as Senior Vice President and Head of Integration. Cohen, intimately familiar with 888’s consumer base, will answer directly to Chief Executive Officer Itai Pazner and collaborate closely with William Hill’s executive team.

Full consummation of the agreement is anticipated in the first quarter of 2022, contingent upon a handful of remaining approvals, such as clearance from competition regulators and gaming commissions. 888 has stated that all requisite authorizations have been obtained.

To fund this substantial acquisition, 888 is procuring roughly £500 million (equivalent to $668.1 million) through the issuance of new stock. This represents a crucial step that must be finalized before the acquisition can proceed.

Furthermore, 888 requires the UK Financial Conduct Authority’s endorsement for the relisting of its common stock, and the London Stock Exchange must give the go-ahead for trading to recommence on the primary market. Lastly, William Hill is undergoing internal restructuring, dividing its UK and US businesses, which constitutes another prerequisite for the acquisition’s successful completion.

888s Chief Executive, Itai Pazner, conveyed his enthusiasm for the agreement, declaring it will establish a worldwide online wagering and gaming leader. This newly formed entity will be unrivaled in size, possess advanced technology, and provide a varied range of products. He stressed the remarkable growth path, fueled by an assemblage of renowned brands.

Pazner also underscored Cohen’s addition to the executive team, viewing it as proof of their dedication to this transformative action. He is confident that capitalizing on the extensive knowledge and skills from both organizations will significantly advantage the unified group.

Lastly, Pazner communicated his contentment with the accomplishment of several crucial stages in the acquisition procedure. Due to the considerable headway achieved, they project concluding the transaction in the initial quarter of 2022. He finished by expressing his eagerness for the prospects that await, arising from the fusion of these two robust and complementary enterprises.