US casino giant Caesars has agreed to buy William Hill for £2.9bn – but plans to spin off the UK business shortly after the deal completes.
Caesars is targeting the London-listed firm’s US operations, in which it already has a 20% stake, and will seek new owners for the business in the UK and other parts of the world.
William Hill employs around 8,000 people in the UK, where it operates more than 1,400 betting shops.