Bookmaker William Hill offers to buy Mr Green for £242 million

Sweden-based online betting firm Mr Green has an offer on the table to be bought by U.K.-based bookmaker William Hill for £242 million, in an attempt to become more present in European markets.

Mr Green operates in 13 markets, with gambling licenses in Denmark, Italy, Latvia and Malta under brands such as Redbet.

“This proposed acquisition accelerates the diversification of William Hill, immediately making us a more digital and more international business," said William Hill CEO Philip Bowcock. "Mr Green will provide William Hill with an international hub in Malta, with market entry expertise and with strong growth momentum in a number of European countries. William Hill will move from a single brand to a suite of brands that can maximize growth opportunities moving forward in new and existing markets.”

The Board of Directors of MRG has recommended the offer for acceptance by the shareholders, and shareholders in MRG Henrik Bergquist, Hans Fajerson, Fredrik Sidfalk, Martin Trollborg, Karl Trollborg, Tommy Trollborg and Anita Trollborg representing in aggregate 40.04% of the total number of issued shares and votes in MRG.

There is expected to be an acceptance period from 10 December to 11 January, with the goal of having the deal complete not too long afterward.

The majority of William Hill's $2.1 billion annual revenues are still derived from the U.K., but it is also the largest sports betting business in the U.S., operating 107 racebooks and sportsbooks in Nevada. Following the May 2018 ruling by the U.S. Supreme Court that declared the federal ban on state-sponsored sports betting unconstitutional, the company quickly expanded to New Jersey, Mississippi and West Virginia. William Hill also has licensed operations in the Bahamas, Italy and Spain.