William Hill’s Acquisition by Caesars Entertainment was completed on Thursday, with the deal set at £2.9 billion. Earlier this week, the court sanctioned the acquisition despite several hedge funds disagreeing on the deal. Now that the takeover is concluded, Caesars Entertainment will take full control over William Hill’s land-based and online gaming assets that cater to US customers.
Tom Reeg, Caesars CEO, shared the company’s excitement to finalize Willam Hill’s acquisition and bring the two major operators under the same roof. Future sports deals that will bring long-term profits are also to be expected in the near future, Reeg added.
William Hill and Caesars to Expand Operations Throughout US, Caesars to Sell William Hill’s UK Assets
The £2.9 billion takeover was first announced in September, with the price per share of the bid being £2.72. As Casino Guardian has previously covered, some of William Hill’s shareholders did not approve of the takeover by Caesars Entertainment. This, however, did not stop the deal from happening, with the court sanctioning the acquisition deal earlier this week.
Now that the deal is completed, William Hill is to take over sports betting in every state through Caesars’ access to the US market. The major sportsbook operator will also manage Caesars’ land-based and online sportsbooks that are handled by other operating companies.
Combined together, William Hill and Caesars Entertainment have sports betting presence in a total of 18 jurisdictions in the US, with 13 of them also offering mobile sports betting. Future plans for the joint venture reveal a goal of operating in 20 US markets by the end of 2021.
Meanwhile, Caesars plans to sell William Hill’s assets outside of the US. These also include the company’s international and UK betting shops and gaming websites. The acquisition deal will also have a positive impact on the Caesars Rewards loyalty scheme available to William Hill patrons. After the expansion of the loyalty programme, Caesars will be able to offer loyal members both sports betting and online gaming incentives, without requiring different accounts for the two types of promotions.
William Hill US CEO Steps Down from His Position Amid Acquisition Deal
On Thursday, it became clear that William Hill US CEO, Joe Asher, will not be a part of the joint venture of William Hill and Caesars Entertainment. Notably, he was not mentioned in Caesars’ press release on the closure of the acquisition deal.
Asher, who was CEO of William Hill US since 2012, confirmed he is stepping down from his position in the company. He became a part of William Hill’s US division when the company first bought Brandywine Bookmaking, which was founded by Asher in 2008. Prior to his career in sports betting, Asher was known as the youngest track announcer in North America and was later on in management positions at several tracks. On Thursday, both Asher and Caesars confirmed his resignation from the CEO position in William Hill US.
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Olivia Cole
