WilliamHill chooses to exercise Miapuesta call option
British bookmaker WilliamHill (SBR rating A) has finalised their acquisition of Spanish-facing betting company Miapuesta. WillHill took advantage of a six-month call option it held in its pocket following the initial agreement with Miapuesta's parent company Sportingbet (SBR rating D+), which SBR reported on earlier in the year.
WillHill had the benefit of a relatively quick approval by SportingBet shareholders in the deal, as reported by SBR in February.
The total WillHill acquisition of SportingBet was worth up to a total of $716.4 million.
WilliamHill intends to totally rebrand the Spanish business and is keen on improving their football betting, as was stated by WillHill's head of Spain Miguel Valdes, according to TheRacingPost.com.
"Miapuesta will become part of an organisation with nearly 80 years betting experience that is well respected in the sector. At William Hill we have a huge passion for sport, along with huge expertise, resources and product range," said Valdes.
WilliamHill is currently the fourth largest sportsbook operator in Spain, commanding a 10.7% market share.
SBR reported three weeks ago that WillHill was exiting the Chinese market.
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