William Hill Buying Out Playtech, Expanding Online
Monday, 04 March 2013
William Hill will pay £424 million to acquire Playtech's stake in its global online business and take full control of the booming division.
The UK’s largest bookmaker plans to will raise about £375 million pounds in a rights issue to help fund the purchase, its second major acquisition in the last few months. The company has agreed to pay £460 million to acquire the Australian and Spanish operations of online operator Sportingbet in a deal scheduled to be finalized later this month.
The two transactions are significant steps by Hills into a leading position as an international operator, particularly through the strong growth enjoyed by its online businesses. A well-known name in British betting, running more than 2,000 betting shops in the country, the company is also maneuvering to become a player in Internet gambling in the US, where it has bought two Nevada sports books.
Playtech holds a 29% stake in the online venture, which was founded in 2008.