William Hill have launched a £242 million bid for Swedish gambling group Mr Green.

The deal will potentially secure an international hub for the business outside of the UK and Gibraltar, as it looks to hedge its business against Brexit.

Currently, Mr Green holds remote gambling licenses in Denmark, Italy, Latvia, Malta, the UK and Ireland.

It is also set to acquire licensing in Sweden by the end of the year.

Thus far, the deal has been recommended to be approved by Mr Green’s board.

‘This proposed acquisition accelerates the diversification of William Hill – immediately making us a more digital and more international business,’ the company chief executive Philip Bowcock said.

‘Mr Green will provide William Hill with an international hub in Malta with market entry expertise and strong growth momentum in a number of European countries.’

‘William Hill will move from a single brand to a suite of brands that can maximise growth opportunities moving forward in new and existing markets.’.

Shares in the UK-based betting company (LON:WMH) are trading +3.85% as of 12.26PM (GMT).