Caesars Entertainment announced that it is in advanced negotiations to acquire William Hill in a deal worth £ 2.9 billion. As such, the William Hill Board has indicated that it would probably recommend accepting the offer.
William Hill recently confirmed that it has received surveys from both Apollo Management International and Caesars Entertainment, with the operator clarifying that no offer has been made officially.
Therefore, the operator said that any proposal must be made by October 23, according to the UK procurement rules.
However, Caesars made it clear that it would sever existing ties with William Hill if the company decides to close the deal with Apollo. Since it includes a joint venture that makes Caesars currently have a 20% stake in William Hill’s operations in the United States.
Caesars Entertainment CEO Tom Reeg said: “The opportunity to combine our traditional casinos, sports betting and online games in the United States is a truly exciting prospect.”
He continued: “William Hill’s sports betting experience will complement the current Caesars offering, allowing the combined group to better serve our customers in the fast-growing US online and sports betting market.”
Caesars said a merger would generate between $ 600 million to $ 700 million in net revenue in 2021. The proposed expansion follows the merger of Caesars and Eldorado Resorts in July, when Eldorado acquired the operator for $ 17.3 million billion.
About Caesars Entertainment
The company was founded on October 29, 1937, when its founder William Harrah opened a small Bingo in Reno, Nevada in the United States.
Today, Caesars Entertainment Corporation is an American gaming conglomerate that operates about 50 casinos and hotels, including some in Las Vegas. The company is headquartered in Paradise, Nevada, United States.
