Scientific Games Corporation (SGC) has released a statement, detailing that it will move to acquire William Hill’s entire 6.8 million ‘ordinary shares and convertibles’ holding in acquisition target NYX Gaming Group.
The Nasdaq gambling technology firm, clears a major hurdle in its $630 million pursuit of Toronto TSX-listed NYX (first announced September 2017).
Last November, William Hill governance stated to investors that it would move to convert ‘preference options’ in NYX, which the UK bookmaker had gained for co-funding NYX Gaming’s £300 million acquisition of OpenBet technologies (transaction was undertaken in 2016).
NYX and SGC would counter William Hill’s action, by launching a legal suit against the bookmaker of ‘wrongful conduct’ and anti-trust violations.
In its statement SGC governance has agreed to acquire William Hill’s complete options in NYX, detailing CAD $2.40 per share for the 6.8 million ordinary shares and circa £87 million for its convertible ‘preference shares’.
All parties have confirmed that they will enter a new technology agreement, following the settlement shares, with all legal proceedings terminated.
Updating investors Philip Bowcock, Group CEO of William Hill, this morning commented on the agreement:
“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.”