Will Hill snaps up Sportingbet

WILLIAM HILL and GVC Holdings have agreed a £485m takeover of online bookie Sportingbet, after weeks of negotiations.

The deal, announced yesterday, will see William Hill pay £454m in cash for Sportingbet’s lucrative Australian and Spanish operations.

GVC will mop up the rest of Sportingbet’s less desirable operations, making a share contribution to the deal.

The deal marks William Hill’s first move into Australia as part of an international expansion.