TIDM888
RNS Number : 9569T
888 Holdings plc
30 November 2021
30 November 2021
888 Holdings Plc
(the "Company", and together with its subsidiaries, "888" or
"the Group")
William Hill International Acquisition Update
Strong progress made towards completion - now expected in Q1
2022
888 (LSE: 888), one of the world's leading online betting and
gaming companies, today provides an update on the acquisition of
the international (non-US) business of William Hill ("William Hill"
or "William Hill International") as previously announced on 9
September 2021 (the "Acquisition").
Key highlights
-- All mandatory antitrust and gaming regulatory clearances received
-- Shareholder circular and prospectus expected to be issued in
early 2022, with shareholder vote to follow
-- Completion is now expected to occur in Q1 2022, subject to
satisfaction of remaining conditions to completion
-- New equity to be issued via capital raise expected to occur
prior to completion of the Acquisition
-- Integration planning progressing well, with Guy Cohen
appointed SVP, Director of Integration, working alongside senior
counterparts from William Hill
-- Continued focus on execution in existing 888 business, with
current trading in line with Board expectations
Additional information
The Group is pleased to confirm that it has received all
mandatory antitrust and pre-completion gaming regulatory
clearances, marking the satisfaction of these important conditions
of completion of the Acquisition.
Alongside efforts to ensure completion in Q1 2022, the Group has
also focused on integration planning, which is progressing well.
The Group has appointed Guy Cohen as SVP, Director of Integration,
to work alongside a senior team from William Hill to advance
integration preparations. Guy formerly served as SVP, Head of B2C
at 888, and will continue to report to Itai Pazner, CEO.
As previously announced, 888 expects to raise approximately
GBP500 million of gross proceeds by issuing new equity via a
capital raise (the "Capital Raise"), which is currently expected to
occur prior to the completion of the Acquisition.
As set out in the Acquisition announcement, there are several
remaining conditions to completion, most notably the approval of
888's shareholders, by ordinary resolution, at a general meeting of
888 (the "General Meeting"). The Group currently expects to publish
a combined circular and prospectus for the Acquisition and Capital
Raise, including the notice of General Meeting, in early 2022.
Completion of the Acquisition is also conditional upon the
Financial Conduct Authority's approval of the re-admission of the
ordinary shares of 888 to the premium listing segment of the
Official List, and the London Stock Exchange's approval of the
re-admission to trading on the main market for listed securities,
as well as the completion of a re-organisation of the William Hill
group to separate the US and non-US businesses of William Hill.
Itai Pazner, CEO of 888, commented:
" This transaction will create one of the world's leading online
betting and gaming groups with superior scale, leading technology,
increased diversification, and a platform for strong growth,
supported by a portfolio of iconic brands. The appointment of Guy
Cohen to the critical role of SVP, Director of Integration also
strengthens our leadership and commitment to this important
process, as we look to leverage the significant expertise and
talent from both businesses to benefit the combined group.
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."
- Ends -
Enquiries and further information:
888 Holdings Plc +350 200 49 800
Itai Pazner, Chief Executive Officer
Yariv Dafna, Chief Financial Officer
Vaughan Lewis, Chief Strategy Officer
Investor Relations ir@888holdings.com
James Finney, Director of IR
888@hudsonsandler.com
Media
Hudson Sandler LLP
Alex Brennan
Bertie Berger
Andy Richards +44(0) 207 796 4133
About 888 Holdings Plc:
888 Holdings plc (and together with its subsidiaries, "888" or
the "Group") is one of the world's leading online betting and
gaming companies. 888's mission is to develop state-of-the-art
technology and products that provide fun, fair and safe digital
gambling products to players globally. Safer gambling is a core
focus for the Group and, a t the beginning of 2020, 888 launched
its 'Safer. Better. Together' safer gambling strategy and
commitments.
888 has been at the forefront of the online gaming industry
since its foundation in 1997, leveraging its proprietary technology
to provide players and B2B partners an innovative and world-class
online gaming experience.
In 2021, the company was proud to be recognised at the EGR
operator of the year awards as the winner of the Casino Operator of
the Year, as well as its in-house sportsbook being recognised as
the In-House Product of the Year. In 2020, the company was proud to
be recognised at the 2020 Gaming Intelligence awards as the winner
in the Casino Operator of the Year category. In 2020, 888 also won
two prestigious awards for its poker platform at the 2020 Poker
Listings Operator Awards in the Most Improved Software and Best
Beginner Software categories.
The Group is structured into two lines of business: B2C, under
the 888 brands, and B2B, conducted through Dragonfish, which
provides partners a leading platform through which to establish an
online gaming presence and monetise their own brands in a safe and
responsible manner.
888's consumer facing websites offer more than just online
betting and gaming. They are entertainment destinations: places
where people can enjoy a truly interactive experience and be part
of an online community that shares common interests. 888's strong
and trusted brands are all accessible through www.888.com .
Find out more about 888 at http://corporate.888.com/ .
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