LONDON (dpa-AFX) - William Hill plc (WMH.L) announced that it has signed a binding agreement to dispose of William Hill Australia to CrownBet Holdings Pty Ltd, a subsidiary of CrownBet which is owned by The Stars Group Inc. and a group of shareholders associated with the founder and CEO of CrownBet, Matthew Tripp, for an enterprise value of A$300 million, equivalent to an equity value of A$313.7 million. The business operates licensed betting, over the telephone, internet and mobile phone platforms in Australia.
The Group said the disposal proceeds, net of costs, will be used initially to reduce Group indebtedness and invested to support further growth of William Hill.
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