- William Hill gets regulatory approval to acquire Mr Green’s MRG
- The company seals the deal for $307.4, offering $7.74 per share to shareholders
- William Hill will create an international base for MRG in Malta
Established gaming company William Hill has obtained regulatory approval to push ahead with the acquisition of Mr Green’s MRG for the sum total of $307.4 million.
William Hill Successfully Clinches MRG Deal
William Hill has been given the regulatory go-ahead, allowing the company to complete its acquisition of Mr Green’s MRG. The sum total of the deal is estimated at $307.4 million. Following the competitive authorities’ nod, William Hill is nearly done with acquiring the assets from Mr Green, with the final touches put in place on January 25.
MRG’s gaming footprint is quite substantial and the company holds multiple remote licenses from important jurisdictions with a vibrant gaming market, including Malta, Latvia, Italy, Denmark, the United Kingdom, and Ireland. The move has been long anticipated, with William Hill announcing its intentions back in October, 2018.
At the time, William Hill CEO Philip Bowcock has outlined a future for the company in which growth opportunities are a top priority and the MRG acquisition – a chance to pursue this:
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.
While regulators have agreed to the move, William Hill still has to negotiate with MRG shareholders who have been offered $7.74 per share price. Shareholders will have time until January 17 to accept the offer.
While not everyone has agreed officially, William Hill and MRG don’t expect any complications on this front, with the MRG Board of Directors issuing a statement recommending the sell of the shares. Shareholders account for 40% of the total share capital.
William Hill has been pushing ahead with some internal changes to accommodate the new assets, including a relocation of one of its teams to Gibraltar as well as working on a new operational hub from Malta for MRG. If William Hill stays true to its original intentions, the company will be dispatching gaming professionals to Malta, which is one of the sweetest industry hubs in Europe.
Speaking to investors on November 6, 2018, Mr. Bowcock specified that William Hill would seek to develop its digital footprint and become an even more established name on the global gaming market:
We will meaningfully reshape William Hill over the coming years, moving from a business that is predominantly UK-centric and land-based to being a leading gambling business that is digitally led, internationally diverse and sustainable.
William Hill recently appointed Kenneth Fuchs as President of Digital for the United States in a bid to expand on the promise of becoming a technologically-advanced gaming giant and advancing the company’s offer in new markets.