New Bidder For William Hill?

Bidding for the European assets of William Hill has started this week with what is understood to be sealed offers for the betting firm that was put up for sale by owners Caesars Entertainment. The US gaming company acquired the total assets of William Hill for £2.9 billion, however the casino operator said it only wanted to keep the US facing business and intended to place all European business up for sale.

That process is now underway and there are rumours that a new player is entering the bidding war for what is expected to be worth in the region of £1.2 billion.

According to reports in the Financial Times Advent International the US private equity firm will make a bid for William Hill.

Already expected to take part in the bidding is 888 Holdings and Apollo Global Management, however there are expected to be other players vying for the assets of William Hill and with a wide range of products it has been thought that different parts of the business could be sold to separate buyers.

888 Holdings are certain to want the online business but William Hill has an extensive retail business and that could be of interest to parties such as Betfred, Boyle Sports and others to extend their portfolio.

But the US firm Advent International is a surprise to many observers, the equity firm does not hold any investments in the gambling sector unlike Apollo and could it be a way to facilitate a break-up of the business to individual bidders? Many such firms see more value once buying a business to break it up into parts and realise a greater value that way than selling or acquiring the whole business.