Sportingbet deal with Will Hill and GVC agreed
News on 20 Dec 2012
News on 20 Dec 2012
After weeks of negotiations and time limit extensions from the London stock market, the acquisition of Sportingbet plc by William Hill plc and GVC plc has finally been agreed.
The Reuters news agency broke the news Thursday, revealing that the consideration finally agreed was GBP 485 million. The recommended cash and paper deal valued Sportingbet shares at 56.1 pence, in line with a provisional deal agreed earlier this month.
The main prize for William Hill is Sportingbet’s Australian business, and it also intends to take on the company’s online operations in Spain.
GVC will acquire businesses in countries where regulation is less clear cut and investment risks are higher.
“We look forward to working with the management and employees of Sportingbet in Australia and Spain to combine our joint experience and expertise to create additional value for our customers and shareholders,” William Hill chief executive Ralph Topping told Reuters Thursday.
