(Getty Images/Leon Neal)
Casino operator Caesars Entertainment has won its £2.9 billion (about $3.7 billion) bid for UK gambling business William Hill, beating a rival offer from Apollo Global Management. Subject to shareholder approval, Caesars will pay 272 pence per share, a 25% premium on the bookmaker’s closing price prior to confirming the initial offer on Sep. 25.
Caesars, which owns 20% of William Hill’s US operations, said that if Apollo had been successful in its bid, the joint venture would have been at risk. Caesars now plans to find new owners for William Hill’s non-US operations, which comprise 1,400 UK bookmakers. The Financial Times reported that gambling group 888 has now expressed interest in William Hill’s European business.
In August, William Hill said it would permanently close 119 UK betting shops after reporting a 32% fall in revenue in the first half of 2020. The deal comes less than a year after Dublin-based betting group Flutter agreed to buy Canadian rival The Stars Group for $6 billion.
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