ipico, a German sports betting group owned by international private equity firm CVC Capital Partners, has reportedly become the latest bidder to take over William Hill’s operations in the UK and Europe.
According to sources cited by Sky News on Thursday, Tipico Group has presented a "credible" offer for William Hill, which was acquired by Caesars Entertainment in a USD 4 billion deal, back in April this year. Caesars intends to sell the company's brand and all of its operations outside the US, and has hired advisers from Deutsche Bank to conduct an auction.
Bought by CVC in 2016, Tipico would be facing bids from Apollo Global Management, 888 Holdings and Betfred, according to industry sources cited by the UK news outlet. Another private equity firm, Advent International, has left the process, while Entain has reportedly decided not to submit a formal offer. The eventual takeover price is estimated above £1.5 billion (over USD 2 billion), according to analysts.
CVC and Cinven acquired William Hill in 1999 for £825 million, before floating it on the London Stock Exchange three years later.
Currently, William Hill has a large European footprint, with a major presence in markets such as Italy and Spain. In the UK, it operates more than 1,400 betting shops.
Tipico, Germany's largest sports betting group, is headquartered in Malta and also has operations in Austria, Colombia, Croatia and the US.