Race for William Hill assets down to two as CVC pulls Tipico out of running
Bloomberg suggests German bookmaker has ended interest in acquiring Hills’ non-US business leaving straight shootout between 888 and Apollo
German bookmaker Tipico and its private equity owner CVC Partners has reportedly pulled out of the multi-billion-pound race to acquire William Hill’s non-US assets from Caesars Entertainment. Reports on Bloomberg over the weekend claimed the German operator had ended its interest, just a month after Sky News linked CVC with a credible bid. CVC previously bought William Hill in 1999 for £825m in partnership with fellow private equity fund Cinven before floating the business on the London Stock Exchange three years later. The two private equity giants later divested their ownership, with CVC subsequently concluding similar deals to acquire Sky Betting & Gaming, which it later sold to Flutter Entertainment, and German giant Tipico in 2016. One other private equity bidder, Advent International, has also reportedly ended its interest, clearing the way for a straight fight between Apollo Global Management and London-listed operator 888. Apollo has history with William Hill, having submitted a £2.9bn bid to acquire the UK-bookmaker’s entire business in September 2020. However, the private equity firm was later defeated in its efforts by Caesars Entertainment, which completed its takeover of William Hill in April 2021. Caesars Entertainment has made no secret of its desire to divest Hills’ non-US assets, which include Malta-headquartered William Hill International, the Mr Green brand, and the 87-year-old bookmaker’s UK retail estate. EGR has contacted Tipico for comment.