A deal has been set between two of the biggest names in the gambling industry, with the agreement seeing bookmaker William Hill purchasing 4.7% of the outstanding shares of MRG, the operator behind the hugely popular Mr Green brand.
The agreement between the two companies comes in the wake of William Hill’s offer to acquire MRG, which was announced on October 31st (2018). The acceptance period for the offer is set to open in early December, and close in early January.In the interim, William Hill has agreed to purchase nearly 2 million shares in MRG, around 4.7% of the total, at a price of €6.70 in cash per share, which is the same rate as the offer to purchase MRG in its entirety.
Speaking of the original offer, Philip Bowcock, CEO of William Hill, said:“This proposed acquisition accelerates the diversification of William Hill – immediately making us a more digital and more international business.“MRG will provide William Hill with an international hub in Malta with market entry expertise and strong growth momentum in a number of European countries. William Hill will move from a single brand to a suite of brands that can maximise growth opportunities moving forward in new and existing markets.”William Hill has been looking to expand its horizons as of late, already making quite the impact on the US market, as well as continue to push its retail and online business in the UK.MRG’s entirely online operations should help William Hill cement and improve their position in the European market, especially when it comes to iGaming, something that William Hill were famously struggling with not too long ago.These issues seem to be a thing of the past, however, and if the MRG deal goes through, it would go a long way to proving it.