November 12, 2020 Sports Betting, Legal

Apollo Management opts out of race to acquire William Hill

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Caesars Entertainment has moved a step closer to acquiring William Hill after Apollo Management International announced it will not make an offer for the operator.

The alternative investment fund, with offices in New York, Los Angeles, San Diego and Houston, had initially submitted a written proposal to acquire William Hill, before Caesars bid £2.9bn ($3.81bn) to take over the operator.

In September, it was announced that Caesars and William Hill reached an agreement, subject to regulatory approvals, expected to be completed in the second half of 2021 with a focus on the US sports betting market.

And now that takeover has moved a step closer after Apollo confirmed it is not intending to make an offer for William Hill, under Rule 2.8 of the City Code on Takeovers and Mergers.

The code is binding for six months, except in the event the offer by Caesars is withdrawn, a third party announces its intention to make an offer, William Hill announce a reverse takeover or if Apollo decides to bid for the operator’s non-US business providing Caesars sell it upon acquisition as expected.

The merger between Caesars and William Hill is expected to generate between $600m to $700m in net revenue for 2021 in the US.

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