Ladbrokes parent is eyeing on non-U.S. assets of William Hill
Caesars plans to sell the non-U.S. assets of William Hill and New Entain CEO is considering making a bid.
Entain is the parent company of U.K. bookmakers Ladbrokes.
Entain is considering making a bid for some William Hill assets, targeting a competitor just months after rebuffing an unsolicited $11 billion takeover approach from MGM Resorts.
Jette Nygaard-Andersen, the CEO of Entain, plans to look at the non-U.S. assets of William Hill that Caesars Entertainment is putting up for sale, including the well-known U.K. properties.
“We’re looking at everything, so we’re certainly also looking at whether this could be an interesting opportunity,” the CEO said.
A deal would bring about gigantic consolidation in British betting shops, where Entain already has a 40% share.
The global online gambling market is expected to grow by double digits annually to as much as $158 billion by 2028. That’s sparked a global race by casino companies, sports team owners and private equity firms looking to establish a strong position in the fast-growing business.
Entain itself almost became prey. In January, Entain and Coral rejected MGM’s offer as too low and appointed Nygaard-Andersen, an existing board member, as its CEO.
In April, Entain took control of Enlabs AB, a Swedish online wagering company with a big presence in the Baltics. It’s also making a run for some of the assets of Australia’s Tabcorp Holdings.
The total volume of casino deals completed or pending has risen 33% to $22 billion so far this year.
Significant transactions include the merger between Bally’s Corp. and Gamesys Group Plc, as well as Apollo Global Management’s purchase of the Venetian in Las Vegas.
Editing by Rachel Hu
