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William Hill Complete Playtech Transaction

by Emma 7. January 2009 03:46

Online gambling software developer Playtech plc has announced that it has completed the transaction with William Hill plc as part of their 5 year deal for the provision of online gaming software for William Hill poker and William hill casino, with an option to move into other product areas.

The deal between the two major online gambling companies involved the acquisition of assets, businesses and contracts comprising Playtech's affiliate marketing business, customer services operation and gaming brands and websites by William Hill.

William Hill plc will control and operate William Hill Online, which will remain a consolidated subsidiary, with Playtech's share of profits shown as a minority interest. Playtech acquired various online gaming businesses, marketing assets and contracts for a total consideration of around $250 million in cash as part of the transaction, the majority of which represent the Purchased Assets. As consideration for the Purchased Assets, Playtech receives a 29 percent interest in William Hill Online, with William Hill owning 71 percent.

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Tags: william hill poker, playtech

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