888 Holdings has released new information about its purchase of William Hill, anticipating a finalization date of September 9, 2021. Extensive merger preparations are underway, including the designation of Guy Cohen as Senior Vice President and Head of Integration. He will collaborate closely with William Hill’s executive team, reporting directly to 888’s Chief Executive Officer, Itai Pazner. Although the transaction is projected to conclude in the first quarter of 2022, some obstacles remain. Positively, all required antitrust and gaming regulatory clearances have been secured. To fund the acquisition, 888 intends to generate approximately £500 million (equivalent to $668.1 million) through an equity offering – a critical step toward finalization. Pending tasks include obtaining approval from the UK Financial Conduct Authority for the relisting of 888’s shares and receiving clearance from the London Stock Exchange for the resumption of market trading. Additionally, William Hill requires some reorganization to separate its UK and US branches.
The head of 888, Itai Pazner, conveyed his enthusiasm regarding the merger, noting that it will establish a worldwide online wagering and gaming leader. He stressed the remarkable size, cutting-edge technology, and varied offerings of the unified entity, underscoring its capacity for expansion and its basis on a portfolio of renowned brands.
Pazner also extended a warm welcome to Cohen within the management team, viewing his inclusion as evidence of their commitment to this substantial consolidation. He is confident that capitalizing on the knowledge and capabilities from both organizations will significantly advantage the integrated group going forward.
Lastly, Pazner communicated his contentment with the advancements made in the acquisition process, signaling that they remain on schedule for a first quarter 2022 finalization. He concluded by expressing his eagerness for the future prospects that lie ahead for the fusion of these two robust and complementary enterprises.
