Gambling house GVC Holdings is potentially interested in bidding on rival William Hill’s business outside of the United States, CEO Shay Segev revealed in an interview with Bloomberg.
GVC will change its name to Entain PLC and will abandon all unregulated markets in which its brands currently operate as part of a new corporate strategy that is expected to double or triple the size of the business in the next five years.
GVC Announces Rebranding and Exit from Unregulated Gaming Markets
Mr. Segev told Bloomberg that if the pricing is right and it makes sense, that you could certainly look at William Hill’s non-US operations.
American casino giant Caesars Entertainment Inc. is buying William Hill in a deal that values the British bookmaker at £ 2.9 billion and will be submitted to a shareholder vote on November 19.
Despite the great interest of Apollo Global Management, Caesars practically turned the bidding war for William Hill into a horse race by advising the gambling operator that it could exercise its right to terminate its association in the US, if it accepts any rival takeover offer
A 2018 deal between Caesars and William Hill made the bookmaker the exclusive sports betting operator at a host of Caesars-owned casinos in the US, including key Las Vegas Strip properties.
Caesars said that when the transaction closes sometime in the second half of 2021, it would focus on the growth of William Hill’s business in the US and would offload its assets outside of the US, which include a network of UK gambling shops and digital gambling operations in the UK and various European markets.
And while the outcome of the bidding war for William Hill was much fated, the possibility of GVC joining the bidding war for the bookmaker business outside of the United States could make the bidding war pretty intense.
Is GVC making an offer for William Hill?
When asked if they are interested in William Hill’s UK and international assets, Mr Segev said Thursday that their ‘tendency would be to investigate it and of course everything has a price in the end – and if it makes sense, it’s something we can definitely look at. “
Mr. Segev’s comments came after Apollo Global Management’s US acquisition fund announced that no longer intended to make a full takeover bid by William Hill. The investment firm sent a written proposal to the bookmaker in late August and then submitted an additional proposal in September to notify the gambling company of its interest in acquiring it.
Apollo said Thursday that he decided to withdraw from the bidding war for William Hill and was still interested in bid for the bookmaker’s operations outside the United States.
Several other private equity firms have emerged as potential bidders for the business, including CVC Partners, which had a majority stake in Sky Betting & Gaming several years ago, and Apax Partners.
Last month, 888 Holdings CEO Itay Pazner said his company was “in a good position to make acquisitions” and that William Hill’s assets outside the United States “could be something for us.”
British bookmaker Betfred has also been Appointed as a possible bidder for the European and UK William Hill businesses. Betfred owner Fred Done has become one of William Hill’s largest shareholders after he began building a stake in the company earlier this year.