The Caesars empire just got a bit bigger after its announcement of a £2.9 billion takeover of UK betting giant William Hill.
Caesars and UK sportsbook giant William Hill have both agreed to a £2.9 billion takeover which gives Caesars ownership of William Hill. Last week, the private equity firm Apollo approached William Hill with a takeover offer, which was declined. Instead, they agreed to the takeover offer from Caesars.
According to William Hill Chairman Roger Devlin, “The William Hill board believes this is the best option for William Hill at an attractive price for shareholders,” he said. “It recognizes the significant progress the William Hill Group has made over the last 18 months, as well as the risk and significant investment required to maximize the U.S. opportunity given intense competition in the U.S. and the potential for regulatory disruption in the UK and Europe.”
Caesars already owns a 20% stake in William Hill’s U.S. operations and exclusive rights to operate sportsbooks under the Caesars brand. After the acquisition, William Hill shares were valued at 272p per share.
“The opportunity to combine our land-based casinos, sports betting and online gaming in the U.S. is a truly exciting prospect,” Caesars CEO Tom Reeg said. “William Hill’s sports betting expertise will complement Caesars’ current offering, enabling the combined group to better serve our customers in the fast-growing U.S. sports betting and online market.”
William Hill is one of the largest bookmakers in the world, with its global offices based in Gibraltar. It serves gamblers in the UK and sportsbooks in the U.S. under the Caesars brand.
Caesars Entertainment traces its roots back to the Eldorado Hotel in Reno in 1973. Since then, it has grown to operate more than 50 gambling properties globally. With the recent merger of Eldorado Resorts and Caesars Entertainment, the gambling juggernaut is now the largest casino company in the world.
And with the acquisition of William Hill, the Caesars empire continues to expand. “We look forward to working with William Hill to support future growth in the U.S. by providing our customers with a superior and comprehensive experience across all areas of gaming, sports betting and entertainment,” Reeg said.
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