William Hill closer to buying out Playtech

William Hill came a step closer to buying out its online joint venture partner Playtech after formally triggering a valuation process for William Hill Online.

The move is part of its right to exercise a call option over Playtech's 29% stake in the business.

Playtech said it had received formal notification of the move to value to the internet business, which it has previously called "the most successful ever in online gaming".

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However, the firm said it was "dedicated to maintaining its close working relationship with William Hill to support its continued growth".

"In the event that the option is exercised Playtech is committed to the smooth handover of the 29% stake in order to ensure a seamless transition and support WHO's growth going forward," it said.