William Hill Supports Scientific Games Aquisition of NYX - Shaking Hands over Bsiness Deal

William Hill Throws Support Behind SG’s Acquisition of NYX

09 Dec, 2017 - 01:32 by johntang

Scientific Games (SG) is pushing to acquire NYX Gaming Group and William Hill has announced its approval of the acquisition deal. This news came as a shock to some, as only last month the leading UK bookmaker and online gambling operator had been adamantly opposed to the deal and was involved in a lawsuit with NYX.

In September of this year, Scientific Games came to a definitive agreement to purchase NYX Gaming Group for approximately CAD$775 million (£450.4 million). When November rolled around, William Hill revealed it was opposed to the potential deal and threatened to block the agreement with its 32% stake in Scientific Games.

The bookmaker was reportedly concerned about contractual rights it obtained when it allowed NYX to buy OpenBet. NYX then turned around and filed an anti-trust lawsuit against William Hill in the Chancery Division of the Superior Court of New Jersey.

That said, according to an announcement made by Scientific Games this week, William Hill’s objections and NYX’s lawsuit are no longer an issue. SG stated that it came to a new commercial agreement with the bookmaker and that all parties (NYX included) agreed to stop all existing litigation and decided upon a separate settlement agreement.

Moreover, SG will purchase William Hill’s ordinary shares (at CAD$2.40 per share) and its convertible preference shares in NYX (for approximately £87 million).

Philip Bowcock, the Chief Executive at William Hill, said that these agreements safeguard the company’s “technology roadmap and relationship with NYX and end all legal action between the parties,” 

“We will unconditionally support Scientific Games in their acquisition of NYX and we have no hesitation in recommending other shareholders to do the same,” Bowcock added.

At the upcoming shareholders meeting that is scheduled for the 20th of December, 2017 in Las Vegas, Nevasda, all NYX shareholders set to attend are being urged by Scientific Games and NYX to vote in favour of the acquisition deal.