British bookmaker William Hill has announced that it will soon complete the acquisition of the 29 percent stake in its William Hill Online joint venture held by software developer Playtech Limited for a total consideration of £424 million.
London-based William Hill established William Hill Online in partnership with Playtech in 2008 with its partner holding a callable 29 percent stake in the business and stated that the purchase is to be carried out on a ‘debt-free and cash-free basis’.
William Hill further declared that William Hill Online is a ‘strong [and] well-established industry leader’ and that its purchase is to be completed by offering Playtech a ‘cash adjustment’ to reflect ‘unpaid dividends’ and a ‘working capital adjustment’ in the joint venture ‘shortly following completion’.
“William Hill Online has consistently delivered strong net revenue growth since it was formed in December of 2008,” said Ralph Topping, Chief Executive Officer for William Hill.
“We are pleased to be assuming full ownership of this attractive, high growth, high performing business.”
William Hill began a formal evaluation process of William Hill Online in November and revealed that it expects exceptional costs relating to advisory and valuation fees to reach approximately three million pounds.
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