Caesars Entertainment has agreed to acquire British betting and gambling company William Hill in an all-cash deal worth around £2.9 billion.

The acquisition is set to help Caesars Entertainment become one of the largest gaming-entertainment companies in the US. It would also make it one of the most diversified gaming entertainment provisions in the world, said Caesars Entertainment.

Tom Reeg – Caesars Entertainment CEO said: “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’ current offering, enabling the combined group to 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.”

Established in 1934, William Hill has licensed betting offices across the UK and Northern Ireland. In 2012, it forayed into the US by establishing William Hill US with a focus on retail and mobile operations in Nevada.

The British betting and gambling company also has licensed operations in The Bahamas, Spain, Italy, and Sweden. From its digital hubs in Gibraltar and Malta, William Hill caters to online customers across the UK, Ireland and throughout the world.

Last year, William Hill acquired Swedish online gaming group Mr Green for £242 million as part of its strategy to diversify globally while considerably growing its European footprint.

Caesars Entertainment is offering to acquire each of William Hill’s shares at 272 pence, which is a premium of nearly 57.6% to the closing price of the latter’s share of 172.55 pence on 1 September 2020.

Roger Devlin – Chairman of William Hill said: “The William Hill Board believes this is the best option for William Hill at an attractive price for shareholders.

“It recognizes the significant progress the William Hill Group has made over the last 18 months, as well as the risk and significant investment required to maximize the U.S. opportunity given intense competition in the U.S. and the potential for regulatory disruption in the U.K. and Europe.”

The deal, which is subject to anti-trust and regulatory approvals, is expected to close in the second half of next year.

  Caesars Entertainment, Roger Devlin, Tom Reeg, United Kingdom, USA, William Hill