888 makes 'strong progress' towards completing William Hill deal in early 2022

Online gambling operator 888 said on Tuesday it expected to complete its £2.2 billion purchase of William Hill's European business in the first quarter of next year after making "strong progress".

The two companies agreed a deal in September which will give 888 a retail presence for the first time through the acquisition of William Hill's 1,400-strong betting shop estate.

888 said that all mandatory antitrust and gaming regulatory clearances had been received and that a circular and prospectus was expected to be issued in early 2022, with a shareholder vote to follow.

The company said it expected to raise around £500 million in equity before the acquisition is completed, which is set to happen earlier than expected.

888 was confirmed as the successful bidder for William Hill International following a tussle with private equity group Apollo Global Management.

US casino giant Caesars Entertainment completed a £2.9bn takeover of William Hill in April, but it made it clear it was only interested in the firm's US arm and would sell off its business in Europe.

888 chief executive Itai Pazner said: "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."

He added: "I'm delighted that we have now checked off a number of important milestones towards completion of the acquisition. Given the strong progress we have made, we now expect the transaction to complete in the first quarter of 2022 and are excited about the opportunities ahead of us as we combine two powerful and complementary businesses."

888 has appointed Guy Cohen as SVP, director of integration, to work alongside a senior team from William Hill.

Pazner said that Cohen's "critical role" would strengthen the company's "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".

The update was described as "positive" by David Brohan, gaming and leisure analyst at stockbrokers Goodbody. However, 888's shares closed down 13.60p at 310.20p on Tuesday.

Read more . . .

Saved: William Hill betting shop brand to stay after £2.2 billion deal with 888

888 'in advanced discussions' to buy William Hills' European operations

Caesars Entertainment completes £2.9 billion takeover of William Hill

Download the free Racing Post app for cards, form, tips, in-app betting and to watch live races. Download for free at racingpost.com/mobile or search Racing Post app