Caesars Entertainment confirms its intention to buy William Hill

More specifically, Caesars Entertainment, Inc. announced that it has commenced an underwritten public offering of 30,000,000 shares of its common stock. In connection with the offering, the company intends to grant the underwriters a 30-day option to purchase up to an additional 4,500,000 shares of its common stock. The company expects to use the net proceeds from the offering for general corporate purposes, including, potentially, the previously announced possible cash offer for the entire issued and to be issued share capital of William Hill plc.

Thus, Caesars has confirmed its intention to make an offer, valuing the British bookmaker at 2.9 billion pounds (about 3.2 billion euros). However, the US giant has not been the only group attracted by the leadership of William Hills in the sector, since the interest of Apollo Global Management has also been confirmed.

Notably, William Hill plc. it has more than 300,000 registered accounts on its online platform; and, in addition, it has more than 2,400 establishments in the United Kingdom, and other countries such as Spain.

On the other hand, Caesars Entertainment currently owns a 20% stake in William Hill's US operations. In addition, William Hill has exclusive rights to operate sports betting under the Caesars brand.

Tom Reeg, Caesars CEO, commented:
"The opportunity to combine our land-based-casinos, sports betting and online gaming in the U.S. is a truly exciting prospect."

"William Hill’s sports betting expertise will complement Caesars’s current offering, enabling the combined group to better serve our customers in the fast growing U.S. sports betting and online market."

"We look forward to working with William Hill to support future growth in the U.S. by providing our customers with a superior and comprehensive experience across all areas of gaming, sports betting, and entertainment."