Mergers and Acquistions News
Categories: Software
October 20th 2008, 16:58PM
The second largest bookmaker in the UK, William Hill, is looking to expand further into the online gaming market through a new deal with Playtech, it has been reported.
According to Bloomberg, Playtech will receive 29 per cent of all William Hill's online earnings in exchange for the provision of gambling software products related to poker, casino and other areas.
Chief executive Ralph Topping explained that the deal has followed five months of discussions with Playtech, which is one of the world's largest online gaming software developers.
"We looked at growing the business ourselves, we looked at paying for services and we came up with the option of acquiring services,'' the spokesman remarked.
Under the acquisition agreement, which is expected to be completed in January, William Hill will be able to purchase Playtech's share in the online unit in five years' time.
As well as William Hill, Playtech also provides software for BetFred, Totesport and Golden Palace.
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