William Hill Australia’s new CEO announced
Waterhouse will take charge of William Hill Australia, which encompasses Sportingbet’s Australian business, the Centrebet brand and online bookmaker Tomwaterhouse.com, the latter of which William Hill acquired from Waterhouse for US$ 32.9 million) last August.
In addition to confirming Waterhouse’s appointment, William Hill also announced the early settlement of the earn-out that was agreed as part of the acquisition of the Tom Waterhouse business for AUS$5 million.
This figure is up from the earn-out potential of AUS$1 million at the end of last year. William Hill stated that the difference will be treated as an exceptional non-recurring cost in 2014.
The bookmaker acquired Tomwaterhouse.com for AUS$35 million plus the earn-out of up to AUS$70 million based on the incremental operating profit of the business in the year to December 31, 2015.
William Hill said that settling this earn-out ahead of schedule will help improve its Australian business’s operational and fiscal flexibility following the integration of Tomwaterhouse.com into William Hill Australia earlier this year.
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