Caesars’ William Hill acquisition completed
Caesars Entertainment has completed its blockbuster William Hill acquisition after months of negotiations and legal wrangling. The $3.7 billion (USD) deal will see Caesars taking over William Hill’s sports betting operations in the United States and puts the company in a position to dominate the rapidly growing regulated US sports betting market.
The deal was originally announced back in November and was set to cost the Reno, Nevada-based casino gaming giant a mere $3.7 billion. William Hill shareholders challenged the deal in court proceedings, alleging that the terms had not been properly announced. Earlier this week, a UK judge threw out those claims and gave company officials approval to proceed with the deal.
With the acquisition completed, Caesars will have a presence in 18 regulated US sports betting markets. Company officials expect that number to rise to 20 by the end of the year. Some of those William Hill outlets are in non-Caesars properties, though company officials say they will refrain from using Caesars branding at those particular locations.
Caesars CEO Tom Reeg celebrated the deal in a statement reported on by the Las Vegas Review-Journal saying, “We are thrilled to complete the acquisition of William Hill, combining two of the premier operations in the sports betting and iGaming industries under one roof. We look forward to announcing future sports partnerships that will drive long-term growth.”
Now that the deal is done, Caesars Entertainment is expected to sell off all of William Hill’s non-US properties and assets, which includes a large presence in the UK.