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On 19th April 2013 through William Hill PLC Q1 Interim Management statement, William Hill have announce the completion of the acquisition of outstanding 29% of William Hill Online from Playtech.
The amount represents 3.5 times fold what Playtech initially invested (M250$) and the completion of this significant transaction took place on 15th April 2013. The long awaited decision was received by Chief Executive Ralph Topping as a major milestone.
William Hill online was established in 2008 and in december Playtech injected assets that had been purchased for $250 million into WH operations. This transaction has projected Williamhill to one of the world's leading online gambling firm and resulted in strong growth.
Mr Topping commented: "It's a fair win for both sides" and also added "William Hill Online has consistently delivered strong net revenue growth since it was formed in December 2008. We are pleased to be assuming full ownership of this attractive, high growth, high performing business.".
This financial move was debt-free and cash-free basis with an offsetting movement in reserves. According to Williamhillplc.com website the deal was be made on a cash adjustment basis to reflect unpaid dividends and a working capital adjustment in their Online division. The acquisition was financed by the proceeds from the rights issue and £50m of debt from the Group’s bank facilities.
The deal represents 9.3 times adjusted earnings before interest, tax, depreciation and amortisation, William Hill said. From Playtech’s calculations it is 11.5 times.
Playtech will continue supplying services to William Hill both from a software and network basis but also in terms of marketing. Will Hill shares infomration can be seen here: http://www.williamhillplc.com/investors/share-information/share-price/share-price.aspx