William Hill Receives Approval to Complete the Purchase of Mr Green
The famous British bookmaker William Hill has announced it has finally received the long-awaited green light to complete the acquisition of Mr Green.
After William Hill obtained the approval from competition authorities, the transaction worth $309.1 million will finally be able to be completed.
All to Be Known By the End of the Month
According to a statement released by William Hill following this news, Mr Green will have up until January 17 to accept this offer.
William Hill made the offer back in October, when it stated the move had been recommended and approved by the company’s stakeholders. The renowned gambling operator also stated it planned to pay for Mr Green’s share in cash.
The statement issued by the British company says that since William Hill has managed to get approvals from competition authorities in all jurisdictions where it was needed, the acquisition of Mr Green is „ no longer conditional upon any approvals from authorities“.
The last date for Mr Green to accept the said offer is January 17, while William Hill won’t reveal any further information on the deal until January 21.
Several Reasons Behind This Move
Commenting on the reasons it has decided to make this offer, William Hill stated there was a number of reasons to do so, while reducing its exposure to the gambling market in the United Kingdom was cited as probably one of the most important ones.
At this moment, William Hill, as well as a number of other company’s present in retail gambling operations in the UK, are facing a crackdown on the FOBTs (fixed odds betting terminal) sector, as the government gets ready to make a cut in the maximum stake accepted by these devices – from £100 to a mere £2. Once the planned reduction comes into effect in April, the move will have a significant impact on William Hill and its business, as the company is the second largest operator of FOBTs in the UK.
But in addition to this, the renowned bookmaker wants to further strengthen its online gambling operations in its domestic market. The reason for this is the fact the UK government has increased the remote gambling duty paid by companies with a local license by 6%. William Hill has long been searching for a right partner to help the company further boost its operations online.
Last year, William Hill stated the purchase of the Malta-headquartered Mr Green would provide the operator with a base in the European Union, as the Brexit would see the United Kingdom leave the Union. This means the company’s current headquarters in Gibraltar will no longer be in the EU.
The acquisition of Mr Green will bring William Hill approximately $7.7 million on a yearly basis, although this will be achieved progressive, and the full delivery won’t take place until the third year following the completion of the purchase.
Mr Green offers its services to customers in 13 countries including Denmark, Italy, Latvia, and Malta.