Software and services developer Playtech has completed the acquisition of a 29 per cent stake in betting group William Hill Online.
The acquisition was made for £423.75m on a cash-free and debt-free basis, delivering a cash-on-cash return of more than 3.5 times. The sum is subject to a post-completion working capital adjustment, which will enable Playtech to receive its share of profit accrued since the start of the year and to reflect unpaid dividends.
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