Advertisement

Playtech completes acquisition of stake in William Hill Online

Software and services developer Playtech has completed the acquisition of a 29 per cent stake in betting group William Hill Online.

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.

Advertisement - Article continues below

Ralph Topping, Chief Executive of William Hill, said: "William Hill Online has consistently delivered strong net revenue growth since it was formed in December 2008. We are pleased to be assuming full ownership of this attractive, high growth, high performing business."

Playtech is expected to incur exceptional costs of around £3.0m in 2013, relating to advisory and valuation fees.

William Hill's online division was formed at the end of 2008 after Playtech injected assets into William Hill's existing interactive operations. The now an international leader in online gambling operators.

Shares in Betfair rose 10.65% to 774p, while shares in Playtech declined 0.33% to 602p, by 12:47 Monday.

NR

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/investments/property/601606/house-prices-crash-uk-property-prices-falling-where-next
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
Visit/economy/inflation/601584/the-end-of-the-bond-bull-market-and-the-return-of-inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
Visit/investments/stockmarkets/601611/nasdaq-all-time-high-markets-and-the-real-economy
Stockmarkets

How can markets hit new record highs when the economy is in such a mess?

Despite the world being in the midst of a global pandemic, America's Nasdaq stock index just hit an all-time high. And it's not the only index on a bu…
3 Jul 2020