William Hill submits offer to acquire Mr Green
The British company has offered €270 million to acquire Mr Green in an attempt to boost its digital business.
UK.- William Hill has today announced a recommended cash offer for Mr Green & Co (MRG), which is set to strengthen the company’s international business and drive further online presence. The €270 million offer was made through a controlled affiliate.
While the transaction is subject to acceptance from MRG shareholders and anti-trust approvals it is expected that completion will take place in January 2019. Ulrik Bengtsson, William Hill’s Chief Digital Officer, will be responsible for leading the integration of MRG within the Group and has a strong background in working with Nordic online gaming businesses through his time at Betsson.
MRG is a fast-growing, innovative iGaming group with operations in 13 markets and brands including Mr Green and Redbet. MRG holds remote gambling licences in Denmark, Italy, Latvia, Malta, Great Britain and Ireland, and expect to obtain licences in Sweden by year end. MRG has leading gaming and casino products supported by a fast-growing sportsbook.
The acquisition is expected to be accretive to earnings from the first full year of ownership before synergy benefits, and achieve returns above William Hill’s cost of capital. It would also give William Hill access to an international hub from which to drive international growth together with deeper operational expertise in new markets.
“The combination of William Hill and MRG will create a strongly positioned combined business with an expanded pan-European footprint in faster-growing online betting and gaming markets, further supported by the existing William Hill Online and Retail businesses in the UK and the US,” said the company through a statement.
Philip Bowcock, William Hill PLC Chief Executive Officer, said: “This proposed acquisition accelerates the diversification of William Hill – immediately making us a more digital and more international business. MRG will provide William Hill with an international hub in Malta with market entry expertise and strong growth momentum in a number of European countries. William Hill will move from a single brand to a suite of brands that can maximise growth opportunities moving forward in new and existing markets.”
