Caesars Entertainment lines up debt and equity for £2.9bn William Hill buy

Aidan Gregory,

Mike Turner

September 28, 2020 02:30 pm

WilliamHill_PA_575_375 — File photo dated 4/7/2019 of a branch of William Hill, Ludgate Hill, in central London. The gambling giant has confirmed it has received two separate takeover bids from private equity giant Apollo and casino group Caesars Entertainment. The betting business said it received a written proposal from Apollo on August 27, before receiving further proposals from each party. | Aaron Chown/PA

Caesars Entertainment, the US casino operator, is in advanced talks to buy UK gambling company William Hill for £2.9bn in cash. The deal will be financed with an equity raising by Caesars of about $1.7bn and a new $2bn non-recourse loan, secured on William Hill's non-US assets. It may be the start of a cascade of M&A.

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Aidan Gregory

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Mike Turner

Corporate Debt Editor