(Alliance News) - 888 Holdings PLC on Tuesday said it has gained all required antitrust and regulatory clearances for the GBP2.2 billion acquisition of William Hill's international business from Nevada-based Caesars Entertainment Inc.
The deal now requires approval from the Gibraltar-based online gambling firm'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.
Looking ahead, the acquisition is expected to take place in the first quarter of 2022.
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.
"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," said Chief Executive Officer Itai Pazner.
Shares in the 888 Holdings were down 2.3% at 316.40 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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