Bookmaker William Hill Plc (LON:WMH) may not be enjoying the same prosperity as their counterparts Paddy Power Betfair Plc (LON:PPB), but is reeling off the back of a successful round of negotiations to acquire Swedish-based online gambling group, Mr Green (SS:MRG).
After announcing its partnership with Eldorado Resorts earlier in the year, the firm announced on Wednesday that it had agreed to acquire Mr Green and Co for £241.8 million after successful negotiations that began last month.
The bookmakers offered SEK 69 (Swedish Krona) per Mr Green share, which represented a 48% premium on the firm’s closing price at the end of Tuesday trade – Mr Green’s then recommended to its shareholders that they accept the bid.
“This proposed acquisition accelerates the diversification of William Hill – immediately making us a more digital and more international business,” said William Hill 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.”
The UK firm’s shares are currently trading down 3.91% or 7.85p at 192.85p 14:42 GMT, which is a modest blip in comparison to the drop after yesterday’s profit forecast.