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William Hill and Playtech reach an agreement

William Hill, a British online and land based gaming industry has reached an agreement with Playtech, a leading software developer after a heated discussion about the pair’s William Hill Online joint venture.

In mid-March, William Hill made sure sure that Playtech wouldn’t sell its 29% stake in the William Hill Online after Playtech’s developer allegedly opened investigative discussions with Ladbrokes about a share-based merger amounting to £2.2 billion.

In October 2008, William Hill opened William Hill joint venture with Playtech with William Hill owning a 70% share with an option to buy Playtech after four and six years on an independent fair value basis.

William Hill stated that “William Hill and Playtech Limited jointly announce that they have today reached an amicable resolution of their dispute relating to Playtech’s interests in William Hill Online.”

“As a consequence, the parties are applying for the injunction secured by William Hill against certain Playtech group companies to be discharged and the related court hearing scheduled for next week to be vacated with the court’s permission.

“In arriving at this resolution, including the discharge of the injunction, the exit provisions of the existing shareholders agreement have been confirmed to the parties’ satisfaction including William Hill’s call option rights exercisable in early 2013 and 2015.

“In addition, the parties have agreed to certain changes to the agreement which grant greater flexibility to their respective operations including William Hill Online and which may open up further commercial opportunities for the parties. These include increased flexibility for William Hill Online to provide betting services to William Hill’s retail business and the cancellation of the sole restriction regarding Playtech’s ability to license its software, which restriction related to a UK land-based gambling operator. The existing restrictions on the UK marketing services provision remain in place, running through to the first call option date.”

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