Caesars Entertainment, Inc. (NASDAQ: CZR) ("Caesars" or "the Company") announced Thursday (April 22) that it has completed its acquisition of William Hill PLC (LSE: WMH) ("William Hill") for approximately $4.0 billion (U.S.).
The transaction gives Caesars ownership of one of the world's leading betting and gambling companies and gives the Company the ability to maximize the opportunity within sports betting and online gaming in the U.S.
"We are thrilled to complete the acquisition of William Hill, combining two of the premier operations in the sports betting and iGaming industries under one roof," said Tom Reeg, CEO of Caesars Entertainment. "We look forward to announcing future sports partnerships that will drive long-term growth."
The combined companies currently operate sports betting in 18 jurisdictions in the U.S., an industry-leading 13 of which offer mobile sports betting. The company expects to be operational in 20 U.S. jurisdictions by the end of 2021.
The transaction further expands the reach of Caesars Rewards by providing William Hill members access to the company's industry-leading loyalty program, including the ability to earn tier status that can be used at all of the company's land-based and online properties. This combination also enables the company to further enhance its services to customers by providing a single-wallet offering of sports betting and online gaming products across the enterprise in the future.
As previously disclosed, Caesars intends to sell the non-U.S. businesses currently owned by William Hill, including the U.K. and international online divisions and the retail betting shops.
Deutsche Bank, Latham & Watkins, LLP, and Linklaters LLP represented Caesars Entertainment, Inc. on the transaction. Barclays Bank PLC, Citigroup Global Markets Limited, PJT Partners, and Slaughter & May represented William Hill.
(Caesars Entertainment)