Gambling Co. Pays $643M For Control Of Online Betting Unit

Law360, New York (March 1, 2013, 1:45 PM EST) -- Online gambling outfit William Hill PLC will plunk down £424 million ($637 million) to take full ownership of its online operations, snagging the 29 percent stake it does not already own in a deal with betting software company Playtech Ltd., it said Friday.

To back its purchase, William Hill said it will issue a crop of new shares at 245 pence ($3.68) a pop — nearly a 40 percent discount to Thursday's close — that will generate a total of £375 million to be put toward...
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