(Alliance News) - 888 Holdings PLC on Friday confirmed it expects to complete its purchase of William Hill's non-US business from Caesars Entertainment Inc in the second quarter of 2022, as the bookmaker progresses with international expansion plans.
Shares in 888 closed down 1.7% at 301.00 pence on Friday in London, though they added 1.9% in 2021 as a whole.
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 888 shareholders, to be sought in early 2022. In addition, 888 is looking to raise GBP500 million to help fund the acquisition.
In September, Gibraltar-based 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 part of William Hill, a former London listing before being acquired by Caesars in April. The business, founded in 1934, has more than 1,400 retail betting shops across the UK, plus operations in Italy, Spain and the Nordics. It includes both the William Hill and Mr Green brands.
Revenue for the acquired business was GBP1.16 billion in 2020, producing adjusted earnings before interest, tax, depreciation and amortisation of GBP157 million.
Earlier this month, 888 announced the sale of its bingo business for USD50 million, as it restructures to focus on its core business and international expansion plans.
At the start of December, 888 said it had been awarded a provisional sports betting licence for the US state of Virginia, in a move seen by many as a sign of ambitions to grow in the North American market.
In a similar signal of intent back in June, 888 announced a strategic partnership with Authentic Brands Group LLC, a brand development, marketing and entertainment company and owner of the Sports Illustrated magazine brand to extend Sports Illustrated into betting and gaming.
The partnership will launch online betting platform SI Sportsbook in Virginia in 2022, with the product already launched in Colorado in September.
By Will Paige; willpaige@alliancenews.com
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888 Holdings (888)