On September 9, 2021, 888 Holdings released an announcement concerning its purchase of William Hill, highlighting the integration procedures following the acquisition. To guarantee a seamless changeover, 888 Holdings designated Guy Cohen as Senior Vice President and Head of Integration. Cohen, who formerly managed 888’s business-to-consumer activities, will work closely with William Hill’s executive team, answering directly to 888 Holdings CEO, Itai Pazner.
Projected to conclude in the initial quarter of 2022, the acquisition relies on satisfying the outstanding closing prerequisites. 888 Holdings verified it obtained all essential clearances from competition and gaming authorities.
To fund the purchase, 888 Holdings intends to secure roughly £5 billion (US$6.681 billion) via a share offering, a critical move toward concluding the agreement.
The acquisition’s finalization also depends on the UK Financial Conduct Authority’s consent for the reinstatement of 888’s common stock to the premium listing category of the Official List. Furthermore, it requires the London Stock Exchange’s authorization for the reinstatement of its shares for trading on the London Stock Exchange’s Main Market. The reorganization of William Hill, dividing its UK and US enterprises, must also be achieved.
The head of 888, Itai Pazner, conveyed his enthusiasm for the merger, noting that it would establish a worldwide online wagering and gaming leader. He stressed the remarkable size, cutting-edge technology, and varied offerings of the new organization, all driven by a portfolio of renowned brands.
Pazner also underscored Cohen’s addition to the executive team, viewing it as a testament to their dedication to this major undertaking. He contends that harnessing the expertise and capabilities from both entities will significantly advantage the unified group.
Lastly, Pazner shared his contentment with the advancements made in the acquisition proceedings, projecting a Q1 2022 finalization date. He voiced eagerness for the future prospects that lie ahead for the combined strengths of these two potent and complementary enterprises.
