Consolidation continues as OpenBet becomes takeover target

Consolidation continues as OpenBet becomes takeover target

Monday, February 15, 2016 Totally Gaming

OpenBet has become the latest company to emerge at the heart of takeover speculation after reports over the weekend suggested that NYX Gaming Group is set to team up with William Hill for a tilt at the betting software company.

William Hill is reported to be providing the bulk of the financial muscle behind the possible takeover bid, although the UK bookmaker did not comment on the story when contacted by today (Monday).

According to the UK’s Daily Telegraph newspaper, the takeover bid will be valued at about £300 million (€389 million/$433 million) even though NYX has a market capitalisation of $134m.

NYX’s headquarters are in Las Vegas and the company has more than 350 employees based in eight countries across Europe, North America and Australia.

Other reports claim that gambling technology provider Playtech could table a bid for Openbet, which has been put on the market by owner Vitruvian Partners. The private equity firm, which acquired Openbet five years ago after backing a £208 million management buy-out, recently informed the market that it would be willing to listen to offers.

Meanwhile two of William Hill’s UK rivals, Ladbrokes and Coral, have reportedly received preliminary approaches from approximately six companies for betting outlets that they are likely to sell following their merger. The UK’s competition regulator is expected to demand that they offload about 400 betting shops between them, and bookmakers and private equity firms have made approaches.

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