William Hill Sold to Caesars in a Multibillion-Dollar Transaction

Almost four months after reaching a monumental agreement at London head office, William Hill is ready to finalize Caesars’ multibillion acquisition as all regulatory approvals are to be obtained in the weeks.

Caesars Entertainment and William Hill have agreed a $4.03 billion deal, set to go through by the beginning of April.

Pending Final Approval

The proposed takeover bid dates back to September 2020, when the leading US entertainment company first presented an offer worth $4.03 billion to acquire all of William Hill’s share capital. The hotel and casino enterprise disclosed a bid to purchase a total of 1.08bn shares that William Hill did not actually own at the time.

The bid was finally accepted in November 2020 by William Hill under one condition; Caesars is not allowed to purchase the bookmaker’s US betting arm, only the rest of the business.

As time went on, the original plan to acquire William Hill by the second quarter of 2021 slowly became a reality, as Caesars expects to receive approval from the US gaming authorities and other related gambling regulators in the months.

In addition, both companies have a scheduled Scheme Court Hearing set to take place on 30th March.

As with the long-anticipated merger transaction between Eldorado Resorts and Caesars, news about the acquisition reached out to William Hill employees at the speed of light. Its personnel were made aware about the new potential ownership a couple of months back, followed with exclusive promises that shifts should not affect their business relationship.

An anonymous source did say though that one cannot be 100% sure with these kinds of situations.

This monumental acquisition follows Caesars’ takeover of Eldorado Resorts from June 2019 in a $17.3bn reverse-merger deal. According to calculations, the 2021 purchase agreement with William Hill will put 55 casinos under Caesars’ control.

Live in Tennessee

Meanwhile, William Hill plc formally launched its mobile and online sportsbook in Tennessee on 11 March. This milestone marks the company’s 11th entry on the US market, making its highly rated app available for all sports bettors within a new territory.

As reported, the app offers a seamless experience thanks to an easy-to-use interface that allows a quick setup of sports wagers. The state of Tennessee has officially regulated its sports betting market in November 2020, enabling fans a broad and deep array of leagues and bet types, including live as well as in-game wagering, now in partnership with William Hill.

“As we head into one of the most exciting times of the year for sports fans, the William Hill app will make March moments even more interesting for Tennessee bettors,” said Kenneth Fuchs about launching in Tennessee, president of Digital for William Hill US.

Source:

“Caesars Set to Acquire William Hill by April”, sigma.com.mt, March 10, 2021.