Caesars to complete acquisition of William Hill by April 1
Hospitality and gambling giant Caesars expects to complete its acquisition of betting and casino operator William Hill by April 1. The parties are now awaiting confirmation that all necessary regulatory approvals have been obtained.
In September 2020, Caesars filed a £2.9 billion (€3.39 billion/4.03 billion) bid to acquire all of William Hill’s issued and to be issued share capital.
The agreement, which was approved by William Hill bosses last November, calls for the operator to buy £1.08 billion (£2.72 per share) of the British brand’s securities. At the same time, the management of Caesars said that it plans to keep the American betting division of William Hill. The rest of the business is to be sold.
Earlier in the media there was information about the completion of this deal in the second quarter of 2021. On March 10, the British brand confirmed that all stages of negotiations are on track.
Pending receipt of all approvals, the parties have scheduled a court hearing at which the court will be asked to authorize the acquisition. The hearing will take place on March 30.
If the contract is approved and Caesars and William Hill meet all other necessary requirements, the acquisition will close on April 1. The shares of the BC and casino operator will be cancelled on April 6 in accordance with the terms of the deal.
It is important to note that Apollo Global was interested in buying William Hill, which put forward its offer. However, the British company’s board of directors unanimously rejected the project.
Earlier, the Eldorado Resorts holding company completed its $17.3 billion acquisition and subsequent merger with Caesars Entertainment Corporation, bringing the operator’s 55 casinos under the control of a new owner.
Recall that Sands is selling its Las Vegas business for $6.25 billion.