Sci Games closer to NYX acquisition after William Hill nod

In a sudden change of heart, William Hill has now announced its support for the Scientific Games-NYX acquisition deal that it had previously sought to stop.

Back in September, Scientific Games entered into a definitive agreement to acquire NYX Gaming Group for approximately CAD$775m.

Bookmaker William Hill has ended its legal spat with Scientific Games after agreeing a share sale and commercial deal with its United States rival.

The UK company said it had agreed to give unconditional support to the takeover of NYX by Scientific Games Corp and that all parties had ended litigation in the U.S. and UK.

William Hill responded that it was trying to protect its commercial relationship with Open Bet, and wanted to sign a fresh agreement with Scientific Games, which is backed by the USA billionaire Ron Perelman.

He recommended that other shareholders in NYX support that takeover bid.

William Hill chief executive Philip Bowcock said: "These agreements safeguard William Hill's technology roadmap and relationship with NYX and end all legal action between the parties".

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".

"Additionally we are pleased to expand our commercial relationship with Scientific Games in the USA 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".

Shares in William hill were up more than three per cent this morning.

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