The leading gambling software and service provider Playtech has announced that William Hill Plc completed its call option to acquire PLaytech's stake in William Hill Online for £423.75 Million. The transaction represents a 3.5 times fold on the initial investment of $250 Million in William Hill's Exisiting operations in December 2008.
This figure exclude all software royaties and the amount is subject to include its share of profit in William Hill Online since 1st January 2013 which will be announced in due course.
The agreement between both parties related to Playtech's sofware is still in place and will continue following the completion of William Hill call option acquisition.
Following the sale, Mor Weizer, Playtech's Chief Executive Officer commented: “With the completion of the sale of our stake in William Hill Online, weare focused on exploring strategic alternatives thatwill enable us to continue the growth and development of the business, and in conjunction with this process are consulting shareholders with respect to potential returns. In view of the Company’s performance during year to date, the Board is committed to paying an interim dividend at orabove the level of that declared last year.”
Playtech interim management statement for quarter 1 of 2013 can be read here: http://playtech-ir.production.investis.com/~/media/Files/P/Playtech-IR/results-reports-webcasts/2013/q1-2013-ims.pdf