Caesars Entertainment has emerged victorious in its battle against the private equity firm Apollo and secured a $3.7 billion deal to acquire William Hill.
Caesars expressed reluctance to collaborate with William Hill in the future should they decide to accept Apollo’s offer, amidst the bidding war between the two corporate giants.
The world-renowned casino appeared to have the advantage, leading William Hill to promptly accept the deal.
William Hill stated in a statement after the deal that the directors, who received advice from Barclays, Citigroup, and PJT Partners regarding the financial terms of the acquisition, deem the terms to be fair and reasonable.
Roger Devlin, the chairman of William Hill, expressed the following statement.
The board of William Hill is of the opinion that this is the most favorable choice for the company, offering an appealing price for its shareholders.
It acknowledges the substantial advancements achieved by the William Hill Group in the past 18 months, along with the potential risks and substantial investment needed to seize the US market opportunity amidst fierce competition in the US and the possibility of regulatory disturbances in the UK and Europe.
Caesars Entertainment is an internationally recognized brand, renowned for its portfolio of opulent casinos and hotels spread across the United States. Additionally, the company offers highly sought-after online casino experiences.
William Hill, a renowned sportsbook originating from the United Kingdom, has expanded its operations across various countries within the European Union and the United States.
Tom Reeg, the CEO of Caesars Entertainment, expressed his enthusiasm for the thrilling prospect of merging our land-based casinos, sports betting, and online gaming in the United States.
He proceeded to add to his statement by stating:
The addition of William Hill’s sports betting knowledge will enhance Caesars’ existing services, allowing the combined group to provide improved customer service in the rapidly expanding US sports betting and online market.
We eagerly anticipate collaborating with William Hill to facilitate the expansion of our operations in the US. Our goal is to offer our customers an exceptional and all-encompassing experience in gaming, sports betting, and entertainment.
Caesars Entertainment: A Glimpse into the Future
Caesars intends to broaden its brand presence by leveraging the sportsbook platforms formerly owned by William Hill. This expansion will not be limited to the United States, but will also encompass the European Union.
Caesars Entertainment provided an additional statement, stating:
Caesars’ primary goal after acquiring William Hill is to optimize their propositions and assist their businesses in achieving long-term ambitions. To accomplish this, Caesars intends to collaborate with suitable partners or owners who share similar objectives and approaches, prioritizing the long-term growth of these businesses and ensuring the satisfaction of their customers.
Currently, there are no immediate changes expected in the business operations. Caesars intends to seek additional owners for William Hill’s operations in the European Union and United Kingdom, while simultaneously merging the business in the United States.
