William Hill completes sale of Australian business

William Hill has finalised the sale of its Australian division to CrownBet Holdings after securing regulatory approval.

Last month, Stars Group upped its stake in CrownBet to 80% as the firm signed a binding agreement to acquire William Hill Australia.

The aggregate purchase price for both transactions was approximately US$315m (€257.8m).

Of this amount, US$234m was payable in cash for William Hill Australia and the remainder payable in around 3.1 million newly-issued common shares of Stars Group for the increased interest in CrownBet.

A week prior to the announcement, Stars Group acquired 62% of CrownBet for a fee of around US$117.7m.

William Hill Australia operates licensed betting over the telephone, online and via mobile phone platforms.

In January, William Hill said it was considering selling the division over fears a gambling crackdown in the country could hit profit, with Bet365 and Paddy Power Betfair among the parties reportedly interested in a deal.

In a statement on Monday, William Hill said: “William Hill confirms, further to the announcement on 6 March 2018 that a binding agreement had been reached with CrownBet Holdings Pty Limited for the sale of William Hill Australia, that the disposal formally completed today following receipt of regulatory approvals from the Foreign Investment Review Board and the Northern Territory Racing Commission.”

Related article: CrownBet wins race for William Hill’s Australian business