31st Dec 2021 07:34
(Alliance News) - 888 Holdings PLC on Friday confirmed that it expects to complete its purchase of William Hill's non-US business from Nevada-based Caesars Entertainment Inc in the second quarter of 2022.
Online betting and gambling firm 888 secured all required antitrust and regulatory clearances for the GBP2.2 billion acquisition back in November.
The deal still requires approval from the Gibraltar-based business's shareholders, to be sought in early 2022. In addition, 888 is looking to raise GBP500 million through a capital raise to help fund the acquisition.
In September, 888 agreed to acquire William Hill's assets outside of the US from Caesars Entertainment for GBP2.2 billion, calling the deal a "transformational opportunity" to increase its product offering and revenue.
William Hill International is a retail and online betting brand in the UK and Europe. It was formerly listed in London before being acquired by Caesars in April.
Shares in 888 closed up 2.1% at 306.20 pence on Thursday in London.
By Will Paige; [email protected]
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