6th Nov 2020 13:12
(Alliance News) - Private equity firm Apollo Global Management Inc is preparing an offer for William Hill PLC's betting shops in the UK, once the bookmaker's acquisition by US casino operator Caesars Entertainment Inc is completed, The Times reported Friday.
https://www.thetimes.co.uk/article/apollo-global-management-eyes-william-hill-betting-shops-3mz80gjcx
William Hill back in September agreed to a GBP2.9 billion takeover by the owner of Caesars Palace in Las Vegas. The US company said the move was part of its plan to expands its sports and online gaming business. The UK company, through a joint venture with Caesars, already runs online sports betting operations in some US states and retail sports wagering in Caesars' properties in the US.
The Times noted that Caesars has made it clear that it only wants William Hill's US betting operations and will sell the rest. This likely will include its own assets in the UK, consisting of seven casinos, including the Playboy Club and Empire Casino in London, the newspaper said.
New York-based Apollo initially had bid for all of William Hill but backed off in favour of Caesars.
William Hill shares down 0.8% on Friday afternoon in London at 272.20 pence. They are up 44% so far in 2020.
By Tom Waite; [email protected]
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