Two entities are reportedly preparing a bid for William Hill’s non-US assets with CVC Capital Partners and Apax Partners putting a £1.5 billion each on the table, The Sunday Telegraph reported.
CVC Capital and Apax Partners Potentially Bidding for William Hill
In a mad scramble to the top, CVC Capital Partners and private equity firm Apax Partners may now be looking to buy William Hill’s business outside of the United States.
According to a report by The Sunday Telegraph, the companies are willing to spend around £1.5 billion each to secure the assets for what is one of the oldest international sports betting firms today.
According to the newspaper’s US outlet, another company, Apollo Global, is preparing another table for the company’s business at a time when Caesars is about to formalize an acquisition of the company’s US operations.
Apollo did place a $4 billion bid for William Hill’s entire business globally in September. The move was struck down by William Hill, which opted for Caesars instead. Apollo is now considering a more tailored approach for the company’s non-US assets, The Sunday Telegraph informed.
Another source, The Times, reported last week that Apollo will seek to assist some of the current executives, including CEO Ulrik Bengtsson and CFO Matt Ashley, as well as Chairman Roger Devlin. Nevertheless, any attempts to buy the non-US assets will only be back on the table once Caesars is finalized, a process which will take until the second quarter of 2021. Meanwhile, shareholders will vote on November 19.
888 and Betfred as Potential Bidders for non-US William Hill
Caesars intends to focus exclusively on the United States, and has said that it would only acquire William Hill US. According to The Times, William Hill will just look to sell its business elsewhere.
It’s worth mentioning that Betfred and 888 have also shown interest in buying up William Hills’ global operations, outside of the United States. 888 CEO Itai Pazner has argued that the remaining business post the Caesars merger would certainly align well with the company’s planned M&A strategy.
William Hill has not formalized anything about its international business just yet, leaving several bids open and most recently those by CVC Capital Partners and Apax Partners. CVC Capital Partners previously owned Sky Betting & Gaming before selling it for $4.7 billion to The Stars Group in 2018.