(Alliance News) - 888 Holdings PLC will soon go cap in hand to investors as it looks to fund the acquisition of William Hill's non-US operations, Sky News reported on Thursday.
Gambling firm 888 could announce plans for an equity raise on Thursday, Sky News explained. The fundraise will likely be done through an accelerated bookbuild, meaning it would be implemented quicker than a more conventional rights issue.
https://news.sky.com/story/888-to-launch-equity-raise-to-fund-william-hill-takeover-12583844
888 had already announced it planned a GBP500 million share placing to help fund the buy.
888 back in September said it struck a deal to buy William Hill's assets outside of the US for GBP2.2 billion.
Shares in the company have fallen more than 50% since.
William Hill, a former London listing, is now owned by Caesars Entertainment Inc. William Hill agreed to a GBP2.9 billion buyout back in September 2020.
By Eric Cunha; ericcunha@alliancenews.com
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