William Hill Obtains 4.7% of Mr Green

Staff Writer Industry News, Mr Green Casino 654

Just about a few days ago renowned casino operator William Hill proposed quite an ambitious bid of €271 million to acquire Sweden-based online betting firm Mr Green.

This might have come as a surprise, but having stepped firmly onto American grounds, the operator is looking to expand its influence further into the European continent. William Hill managed to acquire 4.7% of the exceptional shares of MRG, the brand that owns Mr Green.

The percents are proportional to 1,913,266 shares, and William Hill agreed to purchase them at a price of SEK69 (€6.70) in cash per share.

The Process Is Ongoing

In short, the deal has not been complete yet. While both parties agreed on the deal, there has to be the acceptance period, which will begin on or around December 10, 2018 and will end around January 11, 2019.

Once the period has been concluded, if both sides approve of the agreement, settlement is expected to commence on or around January 17, 2019.

CEO’s Commentary

At the time of the initial offering, Philip Bowcock, William Hill CEO, commented that the acquisition proposal “accelerated the diversification of William Hill” which would also make Mr Green “a more digital and more international business”. What William Hill expects to be provided with by MRG is “an international hub in Malta with market entry expertise and strong growth momentum in a number of European countries”.

The reasoning behind the unexpected move is to combine the two businesses making them both stronger. The expansion of European footprint is undoubtedly a priority for William Hill, but it is but what is on surface. The deal aims to get both brands to “maximise growth opportunities moving forward in new and existing markets,” said Bowcock.

Mr Green’s online-only business will amplify the group’s share of revenue and profits from both online and outside the United Kingdom. In the process, William Hill’s exposure in the UK will be decreased.

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