Caesars Entertainment has agreed to acquire William Hill for $3.7 billion.

  • Caesars and William Hill have reached an agreement that has created a historic acquisition of William Hill’s share capital by Caesars
  • With the acquisition and the newly formed combined company, both William Hill and Caesars will be able to benefit from the growth in the US gambling market.

LAS VEGASCaesars Entertainment Inc and William Hill have announced an agreement on the terms of a recommended cash acquisition to which Caesars will now attain the issued and future issued share capital of William Hill totaling approximately $3.7 billion.

This acquisition is historic because it features one of the United States’ largest gaming entertainment companies and most diversified gaming entertainment provisions in the world along with one of the world’s leading gambling and sports betting companies.

Caesars hopes that with this joint venture, they will fully maximize the opportunity in the legal sports betting and gaming markets and offer the best possible experience for the customer.

“The opportunity to combine our land based-casinos, sports betting and online gaming in the US is a truly exciting prospect,” said Tom Reeg, Caesars Entertainment CEO.”William Hill’s sports betting expertise will complement Caesars’ current offering, enabling the combined group to serve our customers in the fast-growing US sports betting and online market. 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.”

The now-combined company will be provided with the ability to access all of Caesars’ pre-existing and extensive relationships with multiple sports teams and events most notably being the Exclusive Casino Sponsor of the NFL.

William Hill will be afforded access to Caesars’ brand and loyalty program. Additionally, shareholders of William Hill will receive 272 pence per share under the terms of this new agreement between the companies.

“The William Hill Board believes this is the best option for William Hill at an attractive price for shareholders,” said Roger Devlin, Chairman of William Hill, commenting on the Acquisition. “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 U.K. and Europe.”

This joint venture remains subject to regulatory approvals from the U.S as well as approval of the William Hill shareholders and the closure which is expected in around the second half of 2021.

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