15th Apr 2013 12:05
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Completion of acquisition of the outstanding 29 per cent. of William Hill Online
15 April 2013
William Hill PLC (LSE: WMH) (William Hill or the Group), the UK's largest bookmaker, announces that it will, today, complete the acquisition from Playtech of the outstanding 29 per cent. of William Hill Online for a total cash consideration of £424m on a debt-free and cash-free basis. In accordance with the Framework Agreement, a cash adjustment will be made to reflect unpaid dividends and a working capital adjustment in William Hill Online shortly following completion.
As outlined in its recent prospectus, the Board considers that William Hill Online is a strong, well-established industry leader and that acquiring full control at this time is consistent with the long-term strategic evolution of the Group.
Ralph Topping, Chief Executive of William Hill, commented:
"William Hill Online has consistently delivered strong net revenue growth since it was formed in December 2008. We are pleased to be assuming full ownership of this attractive, high growth, high performing business."
Exceptional costs of c£3m are expected to be incurred in 2013 in relation to this transaction relating to advisory and valuation fees.
-ends-
Enquiries | ||
William Hill PLC | Ralph Topping, Chief Executive Neil Cooper, Group Finance Director Lyndsay Wright, Director of IR | Tel: +44 (0) 20 8918 3614 |
Brunswick | Simon Sporborg Sophie Brand Oliver Hughes | Tel: +44 (0) 20 7404 5959 |
Notes to editors
William Hill, The Home of Betting, is one of the world's leading betting and gaming companies, employing more than 17,000 people. Founded in 1934, it is now the UK's largest bookmaker with around 2,400 licensed betting offices that provide betting opportunities on a wide range of sporting and non-sporting events, gaming on machines and numbers-based products including lotteries. William Hill Online (www.williamhill.com) is one of Europe's leading online betting and gaming businesses, providing customers with the opportunity to access William Hill's products online, through their mobile, by telephone and by text services. William Hill US was established in June 2012 and provides land-based and mobile sports betting services in Nevada, and is the exclusive risk manager for the State of Delaware's sports lottery. The Group acquired the Sportingbet Australia business in March 2013, which is one of the leading online corporate bookmakers in Australia, offerings sports betting products online, by telephone and via mobile devices. William Hill PLC is listed on the London Stock Exchange and generates revenues of over £1.2bn a year.
Related Shares:
WMH.L