William Hill completes Playtech call option exercise

Playtech announced Monday that William Hill plc is completing the exercise of its call option to acquire Playtech’s 29 percent stake in William Hill Online for GBP 423.75 million, delivering a cash-on-cash return of more than 3.5 times which excludes software royalties.

The amount will be subject to a post-completion working capital adjustment and Playtech will also receive its share of profit in William Hill Online accrued since 1 January 2013.

Playtech’s software agreements with William Hill Online will continue following the completion of the call option, the company said in a statement.