ONE OF the world's leading online betting and gaming companies 888 Holdings confirmed yesterday that it has passed all the mandatory antitrust and gaming regulatory hurdles needed for the William Hill takeover.

Completion is expected to finalise in the first quarter of 2022, subject to satisfaction of the remaining conditions, and includes William Hill's 1,400 UK betting shops.

Through the proceeds, 888 expects to raise around £500m by issuing new equity via a capital raise, which is generally required before finalising acquisitions.

The overall execution also hinges on the Financial Conduct Authority's approval of the readmission of 888's ordinary shares, and the London Stock Exchange's approval of the readmission to trade on the main market for listed securities.

The completion of a re-organisation of the William Hill group will then be needed to separate its UK and US businesses for use.

The operator announced the integration planning is progressing well, and appointed Guy Cohen as SVP, Director of the Integration, to work alongside William Hill's senior team. Cohen formerly served as SVP Head of B2C at 888, and will continue to report to 888 chief executive Itai Pazner.

Pazner said yesterday: "This transaction will create one of the world's leading online betting and gaming groups with superior scale... and a platform for strong growth".

(c) 2021 City A.M., source Newspaper