CrownBet’s AUD$300 million acquisition of William Hill Australia

William Hill has sold its Australian wagering business (William Hill Australia) to CrownBet, the online sportsbook operator owned by The Stars Group.

William Hill will receive AUD$300m for the business, which was put up for review earlier this year following the introduction of the credit betting ban in Australia and the proposed introduction of a point of consumption tax.

In the year ended December 26, 2017, William Hill Australia generated revenue of AUD$201m and EBITDA of $47m, with gross assets of approximately £133m. During the period 30 per cent of wagers came from credit betting customers.

William Hill entered the Australian gaming market in 2013 through the AU$660 million acquisition of Sportingbet, Centrebet, and tomwaterhouse.com.

Clifford Chance has advised William Hill on the sale of its Australian bookmaking business with a team led by Partner Lance Sacks (picture), supported by counsel Amelia Horvath, associate Marcus Ap, and lawyer James Kwong.

 

Involved fees earner: Lance Sacks – Clifford Chance; Amelia Horvath – Clifford Chance; Marcus Ap – Clifford Chance; James Kwong – Clifford Chance;

Law Firms: Clifford Chance;

Clients: William Hill;

 

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Author: Michael Patrini