William Hill and Amaya confirm discussions on merger
Canada-based gaming company Amaya gaming, together with the European betting giant William Hill have issued a statement announcing their discussion of a merger. This merger is expected to be worth an excess of £5 billion in what is expected to be the largest online gaming merger recorded.
The two firms are continuing talks regarding this merger of equals with the outcome to be a ‘clear international leader’ in online gaming. They have yet to confirm when an agreement is likely to be reached. The two groups have been reported to have begun talks in July of this year right before the bid Rank-888 bid for William Hill came about.
Amaya, the owner of the Pokerstars brand which is one of the largest players in online gambling having around 70 percent of the online poker business, have since in February 2016 been reviewing their strategic alternatives. Over at William Hill, the board of directors have also been evaluating ways of advancing strategies of increasing diversity by growing their international and digital business.
This potential merger sees both companies goals achieved creating an international leader in the online sports betting, poker and casino industry.
Under the listing rules of the Financial Conduct Authority, this potential merger would be classified as a reverse takeover and would not be subject to the City Code on Takeovers and Mergers. William Hill must provide certain confirmations in order to ensure that the public is provided with sufficient information with regards to the potential reverse takeover so as to avoid a suspension of William Hill’s shares.
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