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Caesars successfully becomes the owner of William Hill. What's next?

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Caesars completes William Hill acquisition and announces the start of the bidding war for the UK facing arm.

The growth of the online casino industry to date has been phenomenal and it continues with exciting partnerships and acquisitions.

While the global pandemic is slowing many businesses down, it is only encouraging growth and advancement within the online casino industry.

Caesars and William Hill have finalised their acquisition deal, seeing two of the largest industry leaders come together.

The future ahead

Caesars forked out £2.9 billion (€3.35bn/$4.04bn) for ownership of William Hill. Caesars essentially spent a total of £2.72 per share on 1.08 billion shares of the company.

The acquisition serves Caesars's goal of getting a hold of William Hill's US betting business and technology. The rest of the operator's assets, including its UK arm, will be sold off.

The acquisition has been on pause for quite some time and only got the go-ahead after receiving approval from the High Court of Justice in England and Wales earlier in April.

All existing William Hill shareholders are set to receive share pay-outs by 6 May 2021. Along with the deal completion comes the resignation of the William Hill Casino directors Roger Devlin, Mark Brooker, Jane Hanson, Robin Terrell, Lyne Weedall and Gordon Wilson.

Caesars Chief Executive, Tom Reeg, reveals they are ecstatic with the newly completed acquisition. As it combines two premier operations in the sports betting and iGaming industry under one roof. Reeg also dropped hints of future announcements of exciting sports partnerships that will drive long-term growth.

Letting go of UK business

The expectation from the get-go was for Caesars to quickly find ways to drop all William Hill non-US assets. The main reason being pressure from investors to establish the first mass-market wagering proposition in the US.

This has led many to focus on how the William Hill UK and European subsidiaries will be stripped. Many suitors are already standing in line to acquire these promising assets. This also means strong competition for all with the latest bidding war.

Earlier this month Caesars announced the start of the bidding contest for all the William Hill European and UK home assets.

Betfred founder, Fred Done, is hoping to acquire the William Hill UK estates at a discounted rate. Sources reveal he secured a 6% stake prior to the deal, thanks to William Hill's 'pandemic share price'.

Currently, the US private equity fund, Apollo Global Management, is one of the leading contenders. The company competed against Caesar's for the initial acquisition of William Hill, and now hopes to acquire the UK and European facing assets.

William Hill's acquisition from years ago, Mr Green Casino, along with William Hill Online has caught the interest of FTSE competitor 888 Holdings. The company is striving for a spot in the global betting multi-billion M&A field. The acquisition of Mr Green Casino and William Hill Online will be the perfect opportunity to expand their sportsbook and continue their growth within regulated European markets.

The Swedish operator, Kindred has also thrown its hat in the ring, showing interest in adding the popular Mr Green Online Casino to its portfolio. Kindred already boasts impressive brands such as Betsson and 32Red.

According to the latest news in the bidding wars, it appears that Apollo is currently in the lead. The bidding is expected to come to an end in the summertime. The final acquisition deals are only expected to finalise at the end of the year.

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