William Hill to sell all non-US operations including 1,400 UK betting shops
Caesars Entertainment, which a few weeks ago concluded a multi-billion acquisition of the UK’s oldest gambling giant for sports betting, William Hill, will be hiving-off and selling all its non-US operations including some 1,400 betting shops in the UK, the Telegraph announced.
This sale, which also includes William Hill’s online business in the UK and Europe, could be worth more than $2bn, reports claim.
Wall Street’s private equity company Apollo Global Management is reportedly in the driving seat to buy the assets, having attempted to buy the whole package in 2020.
At the time, Caesars said that if William Hill chose Apollo, it would jeopardise a joint venture between them. Israeli firm Shaked Ventures – the group behind 888 Holdings – are also in the running.
The take over of the William Hill business by Caesar’s was a bumpy ride as initially, minority shareholder HBK Capital Management tried to block the deal over concerns relating to disclosures over the massive $3.7 billion deal. The firm, together with fellow US hedge fund GWM Asset Management, wrote to the board arguing that the terms were not properly disclosed by the bookmaker.
However, the Court overturned these objections and gave its green light to the deal.
Founded in 1934, William Hill was one of the first UK operators in the US.
The US market is currently in a race of acquisitions and new gambling business opportunities following a decades-long ban on gambling was overturned by the Supreme Court in 2018.