In addition, 888 updated on its trading in the first quarter of the year, with revenue expected between USD222 million and USD226 million. The deal is expected to close in June this year, subject to approval from shareholders at the general meeting in May.ĭebt financing of GBP2.1 billion from JPMorgan, Morgan Stanley, Mediobanca and Barclays Bank PLC has also been agreed to help fund the William Hill assets buy. This will be payable in cash or 888 shares. 888 is acquiring the non-US assets from Caesars.Ĩ88 also announced the enterprise value of William Hill assets has been revised downwards to GBP1.95 billion to GBP2.05 billion from GBP2.2 billion previously.Ĩ88 and Caesars have amended their September purchase deal, with the cash consideration due at closing reduced to GBP584.9 million from GBP834.9 million before.Ī deferred consideration of up to GBP100 million may be due in 2024 should certain milestones be achieved. William Hill International is a retail and online betting brand, now owned by Caesars Entertainment Inc after a buyout of former London listing William Hill PLC. An accelerated bookbuild is a quicker option to raise the necessary funds for the acquisition of William Hill assets, 888 explained. It has a market capitalisation of GBP928.8 million.Īt current market prices, the fundraise will be worth GBP175.9 million.Ĩ88 said the placing replaces its previous intention to raise around GBP500 million in the issue of new equity. Shares in 888 soared by 29% to 248.40 pence each in London on Thursday morning. The new shares represent around 19% of its issued capital. The placing price for the shares will be determined after the process closes, 888 explained. The Gibraltar-based online betting and gaming company said it will conduct a non-pre-emptive placing of up to 70.8 million new ordinary shares to start immediately. (Alliance News) - 888 Holdings PLC confirmed on Thursday said it will conduct an accelerated bookbuild to fund the acquisition of William Hill's non-US operations, also adding the purchase price of the deal has been cut.
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