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under Part 26 of the Companies Act 2006
Scheme of Arrangement Becomes Effective
On 30 September 2020, the boards of William Hill, Caesars UK Bidco and Caesars announced that they had reached agreement on the terms of a recommended cash acquisition pursuant to which Caesars UK Bidco shall acquire the entire issued and to be issued share capital of William Hill not already owned by or on behalf of the Caesars Group (the Acquisition ), to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act (the Scheme ).
On 20 April 2021, William Hill announced that the High Court of Justice in England and Wales had sanctioned the Scheme following the Scheme Court Hearing held on 31 March 2021.
Caesars completes £2.9bn acquisition of William Hill
22nd April 2021
| By Robert Fletcher
Caesars Entertainment has finalised its acquisition of British gambling operator William Hill.
Under the acquisition deal announced in September last year, Caesars agreed to pay £2.9bn (€3.35bn/$4.04bn) to take ownership of the business, purchasing William Hill’s 1.08bn shares for £2.72 apiece.
At the time, Caesars stated that the target of the acquisition was William Hill’s US betting business and technology, with the remainder of the operator’s assets, including its UK arm, now set to be sold.
After the High Court of Justice in England and Wales this week sanctioned the acquisition, Caesars and William Hill were able to proceed with the transaction and completed the deal today (22 April).
William Hill PLC is one of the world s leading betting and gaming companies, employing c12,000 people. Its origins are in the UK where it was founded in 1934, and where it is listed on the London Stock Exchange. The majority of its £1.6bn annual revenues are still derived from the UK, where it has a national presence of licensed betting offices and one of the leading online betting and gaming services. William Hill s European Online business is headquartered in Gibraltar and Malta, and is licensed online in 10 countries following the acquisition of Mr Green & Co AB in January 2019. In 2012, it established William Hill US with a focus on retail and mobile operations in Nevada and became the largest sports betting business in the US. Following the ruling in May 2018 by the Supreme Court that the federal ban on state sponsored sports betting was unconstitutional, William Hill US has expanded and continues to expand as new states regulate sports betting. It is now operat
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