Friday, December 9, 2022
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888 shareholders green-light William Hill transaction

888 is looking to finalise its purchase of the non-US business of William Hill by the close of June, after shareholders moved to approve the deal.

Following the conclusion of its extraordinary general meeting, the gambling group disclosed that 99.73 per cent of shareholder votes cast were in favour of the takeover, representing 306,997,411. In contrast, 819,264 (0.27per cent) voted against, with the remaining 18,306 abstaining.

Finalisation of the acquisition is now expected “on or around” June 30, 2022, alongside re-admission of 888’s share capital for listing on the premium listing segment of the Financial Conduct Authority’s official list and to trade on the LSE main market.

In April 2022, tough economic conditions, as well as ongoing regulatory and compliance developments, including a UK Gambling Commission licence review, saw Caesars and 888 slash the price of the transaction.

In September 2021, 888 entered into a £2.2bn deal with Caesars to buy the non-US business of William Hill, however, a revised value of between £1.95bn and £2.05bn, a potential £250m drop, was agreed.

Lord Mendelsohn, Non-Executive Chair of 888, commented: “We are delighted with the support of our shareholders for our proposed acquisition of William Hill and would like to thank them for their continued, constructive engagement as part of this process. 

“We look forward to completing this transformational acquisition at the end of June, creating a global online betting and gaming leader through the combination of two highly complementary businesses and two of the industry’s leading brands.”

Completion of the transaction will mark the end of an eight months long M&A process, after 888’s £2.2bn bid for the UK bookmaker was accepted by Caesars to see off competition from Apollo Global Management.

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