In 888’s current case, the bookbuild replaces its planned capital raise that it previously was going to launch to fund the acquisition. Some 70.8 million new ordinary shares will be available through the bookbuild, a common exercise by companies looking to pick up some quick cash. In addition to seeking new equity options, it will suspend dividends in order to lessen the impact of the acquisition. As a result, it will present an accelerated bookbuild that covers around 19% of its issued share capital. Since the stock has fallen, 888 needs to find a way to make up the difference. Previously, 888 knew it would need to raise around £500 million (US$654.8 million). As a result, 888’s stock is about 34% lower than it was when it first announced the planned purchase last September.Ĩ88’s financial wizards, in determining how to fund the William Hill acquisition, partially banked the purchase on the company’s stock price. Russia’s invasion of Ukraine hindered its trading stability as well. After the company announced its latest financial status about a month ago, showing a drop in revenue, its stock began to decline. The company’s stock has slipped recently. In order to cover the $3 billion it agreed to pay William Hill to acquire the company’s assets, 888 will look for new ways to raise equity, according to Sky News. However, the bottom line fell, which spooked investors. 888 Needs More FundsĨ88 had a banner year last year, increasing sales by 14% over its 2020 performance. However, it won’t be able to do it alone, despite reworking the purchase price, and is going to start calling on financial backers today. The company hopes to complete the process sometime during the second quarter of this year, a slight delay to its previous plans. It’s going to get even bigger once it can complete its acquisition of William Hill’s non-US assets. (Image: The Guardian)Ĩ88 Holdings already has a solid position in the global gaming market, with operations spanning almost every continent. 888 reworked its deal with Caesars Entertainment for the assets, and expects to close the purchase by June.

William Hill in the UK will soon belong to 888 Holdings.

To do that, it’s going to need some financial help, and announced a major equity deal beginning this week. Asia Pacific Gaming, Gaming Business, Global Gaming.Ĩ88 Holdings is ready to take its planned acquisition of sports betting operator William Hill to the next step.

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