Recently, Caesars Entertainment reached an agreement to acquire William Hill for approximately 2.9 billion pounds.
According to the deal, the subsidiary of the United States operator in the United Kingdom, Caesars Bidco, will buy the entire share capital of William Hill, paying 272p in cash for each share, with the purchase subject to the approval of the operator’s shareholders.
After receiving regulatory approvals, the transaction, which was in advanced stages earlier this week, is expected to close in the second half of 2021.
The acquisition will focus on the United States sports betting market, with Caesars believing that the combination will be able to use its assets to better serve its customer base and increase market access in the country.
Caesars Entertainment to seek interested in William Hill operations abroad
In addition, Caesars expects the merger to generate between $ 600 to $ 700 million in net revenue for 2021 in the United States and is seeking buyers for all William Hill operations outside the United States, including the United Kingdom.
Caesars Entertainment CEO Tom Reeg said: “We look forward to working with William Hill to support future growth in the U.S., providing our customers with a superior and comprehensive experience in all areas of gaming, sports betting and entertainment.”
William Hill President Roger Devlin added: “The William Hill Board believes that this is the best option for the company at an attractive price for shareholders.”
“In terms of our UK and international businesses, we believe they have a solid future ahead of us and we will work with Caesars to find suitable partners to promote long-term growth prospects.”
The acquisition is an expansion of the North American joint venture that leaves Caesars with 20% of the capital, with William Hill, who holds the remaining 80%, managing online sports betting operations in each state.
