New York investment fund Apollo Global Management will bid to acquire William Hill Plc’s non-U.S. assets, as the sportsbook moves towards its merge with U.S. partner Caesars Entertainment.
Apollo had sought to acquire William Hill outright. But Caesars’ £2.9 billion (US$3.9 billion) deal undercut the investment fund and forced William Hill’s hand.
William Hill Chairman Roger Devlin said a Caesars-Hill’s merger best meets the company’s need to accelerate its U.S. ambitions.
William Hill’s board had allowed Apollo to declare its bid for review by November 12. Instead, the investment fund changed its strategy to focus on William Hill’s European subsidiaries, according to SBCNews.
Caesars has yet to publish its prospectus with regards to how it will restructure William Hill under its ownership. But industry observers believe Caesars will authorize selling off its non-U.S. assets. Attention has now shifted to how Caesars will divest William Hill’s U.K. and European subsidiaries.
Betfred founder Fred Done is expected to seek a discounted buyout of William Hill’s U.K. estates having netted a £170 million from Caesars takeover. He secured a 6 percent stake prior to the deal, taking advantage of a pandemic share price.
Meanwhile, 888 Holdings may look at William Hill Online and the Scandinavian online casino Mr Green.
