William Hill & Mr Green Casinos are now sister online gambling sites with 888Casino after 888 William acquisition complete—new ordinary share to come (Image Courtesy of williamhill.com)
888 Holdings plc (LSE: 888) public limited company is now in complete control of the William Hill International brand. According to the report by 888 Holdings, the Pre-tax cost synergies are expected to be at least £100 million by 2025.
The official announcement was made by 888 Holdings yesterday confirming it now has complete control of the international (non-US) business of William Hill. 888 Holding’s acquisition from the acquisition of William Hill from Caesars Entertainment included ‘William Hill Online UK’, ‘William Hill Retail (UK)’, and ’William Hill International’. Within the William Hill Online business segment is the award-winning Mr Green Casino.
Caesars Entertainment acquired William Hill for a total of 2.9 billion Euros. The company then decided to focus all its effort on the US market. Caesars Entertainment which actually bought the original Caesars company sold off all of the original Caesars overseas assets and then proceeded to put the William Hill Internal arm of the brand up for sale while holding onto the US side of the business.
For Caesars, this was good business because 888 Holdings bid USD 3 billion (2.87 billion Euros) for the business.
888 Holdings New Business Structure: The new business structure for 888 Holdings is (1) 888, including the US (2) William Hill Online UK (3) William Hill Retail (UK) (4) William Hill International.
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Reverse Takeover Results in Reissuance of Ordinary Shares
With the acquisition of William Hill now in place, there is the question that William Hill’s overall assets are worth more than 888 Holdings. As a result, the deal is classified as a ‘Reverse Takeover’.
As 888 Holdings operates on the London Stock Exchange (LSE), the company is under the UK’s Financial Conduct Authority (FCA) framework. Under the conditions of the FSA, a reverse takeover requires that 888 Holdings listed securities that fall under the London Stock Exchange plc’s main market must be cancelled. This affects ordinary shares, which, as of 4 July 2022 at the time the market opens, these shares will no longer be a part of the LSE.
Re-admission will occur as 888 has already followed due process to go through a re-admission process also on the 4 July 2022. This affects a total of 446,331,656 ordinary shares, each worth 0.005 GBP.
Ulrik Bengtsson (CEO) & Eric Hageman (CFO) to Exit the William Hill Group
In the 888 Holdings official announcement to shareholders titled ‘Completion of acquisition of William Hill’ on 1 July 2022, there was confirmation that the CEO and CFO will leave the William Hill Group. Respectively, these persons are Ulrik Bengtsson and Eric Hageman.
A new team is already prepared to oversee the interests of the ‘New 888 Holdings Business Structure’ mentioned above. The team that will oversee the running of the new group of companies under the post-acquisition structure is as follows:
- Itai Pazner (CEO)
- Yariv Dafna (CFO)
- Vaughan Lewis (CSO)
- Guy Cohen (COO)
- Harinder Gill (CRO)
- Mark Skinner (CPO)
- Satty Bhens (Chief Product & Technology Officer)
- Naama Kushnir (CTO)
- Phil Walker (Managing Director UK)
The rest of the 888 Holdings team will also be working on the project as a whole. Not least, we should also mention VP of Strategic Marketing – Sivan Finn Shalev, who won the recent Marketer of the year – Individual award at the EGR Marketing & Innovation Awards.
Itai Pazner, CEO of 888, commented on the completion of the Acquisition: “I am delighted to announce the completion of our transformational combination with William Hill” he also said “I’d like to thank Ulrik and Eric for the great job they have done at William Hill and I wish them well for the future.”
William is renowned for its responsible gambling campaigns!
Take a time out from gambling whenever you need to take a breather. Own your game.https://t.co/6YaSJ0tBGd pic.twitter.com/tGjEBxJexK
— William Hill (@WilliamHill) July 2, 2022
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