Caesars Entertainment has reached an agreement to acquire William Hill for around £2.9bn GBP ($3.72bn USD, €3.18bn EUR).

If approved by shareholders and cleared by regulators, the acquisition is expected to be completed in the second half of 2021, and will see Caesars Entertainment’s UK subsidiary, Caesars Bidco, acquire all issued share capital of William Hill, paying £2.72 in cash for each share.

Caesars has made it clear the acquisition is firmly focused on the US market, and expects the merger to generate between $600m and $700m in net revenue in the United States in 2021. All of William Hill’s non-US operations, including its core UK business, will be sold off. 

Caesars currently owns 20% of William Hill’s US business, which runs online sports betting via Caesars’ market access in specific states. 

Discussing plans Caesars Entertainment CEO, Tom Reeg, said:

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

While William Hill chairman, Roger Devlin, added:

“The William Hill Board believes this is the best option for William Hill at an attractive price for shareholders.

“In terms of our UK and International businesses, we believe they have a strong future ahead and we will work with Caesars to find suitable partners to further the long-term growth prospects of these businesses.”

Two rival bids for William Hill by US private equity group Apollo were turned down.

In July Caesars Entertainment became the world’s biggest casino operator after a $17.3 billion mega-merger with Eldorado Resorts. 

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