Apollo formally ends bidding war for William Hill
Private equity group Apollo Global Management on Thursday backed out of a race to buy William Hill, paving the way for U.S. casino operator Caesars Entertainment to acquire the British bookmaker, acording to Reuters.
Caesars in September had agreed to buy the gambling group for 2.9 billion pounds ($3.82 billion) to expand in the fast-growing U.S. sports-betting market, after beating out Apollo.
The possibility of Apollo firming up its bid faded after Caesars made it clear it could terminate the deal, if William Hill decided to proceed with another offer from rival parties mentioned in a list set by Caesars.
Sources had told Reuters in September that Caesars could sell William Hill's UK assets to Apollo as part of its deal, under which it seeks to sell the bookmaker's non-U.S. operations.
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