William Hill declares support for Scientific Games-NYX deal
William Hill has reached a deal to support Scientific Games’ proposed acquisition of NYX Gaming Group.
In September, Scientific Games entered into a definitive agreement to acquire the entire NYX business for approximately C$775m (€512.7m/US$604.8m).
However, William Hill last month spoke out over a number of concerns it had with the proposed deal, regarding contractual rights it obtained when it enabled NYX to purchase OpenBet.
This led NYX to file an anti-trust lawsuit against the bookmaker in the Chancery Division of the Superior Court of New Jersey.
However, William Hill has now changed its position after reaching an agreement with Scientific Games to “unconditionally support” the deal, with both parties withdrawing from all litigation in the US and UK.
Scientific Games has also agreed to acquire William Hill’s ordinary shares and convertible preference shares in NYX, with William Hill receiving C$2.40 per share for the 6.8 million ordinary shares it owns in and approximately £87m for its convertible preference shares.
Philip Bowcock, chief executive of William Hill, said: “These agreements safeguard William Hill’s technology roadmap and relationship with NYX and end all legal action between the parties.
“Additionally we are pleased to expand our commercial relationship with Scientific Games in the US market which offers considerable potential should the Supreme Court ruling on the Professional and Amateur Sports Protection Act, which is expected next year, provide states with the power to regulate sports betting.
“We will unconditionally support Scientific Games in their acquisition of NYX and we have no hesitation in recommending other shareholders to do the same.”
Shareholders meetings to approve the acquisition are scheduled to take place in Las Vegas, Nevada, in the US on December 20, where both Scientific Games and NYX will encourage their respective shareholders to vote in favour of the deal.