William Hill has launched a £242m (€274m) bid to buy Malta-based gaming company Mr Green, as it seeks to reduce its dependence on the UK.
The London-based bookmaker said on Tuesday that a presence in Malta, together with Mr Green’s experience of launching in new markets, would help it expand overseas.
“This proposed acquisition accelerates the diversification of William Hill — immediately making us a more digital and more international business,” said chief executive Philip Bowcock.
Mr Green, a Stockholm-listed online gaming group has remote gambling licences in Denmark, Italy, Latvia, Malta, the UK and Ireland.
As well as its Mr Green brand, the Swedish group operates gambling site Redbet and provides software and support for the online gaming industry.
Analysts at Barclays pointed out the benefits of this move in a note to clients, such as diversification from the UK and “exposure to Malta creating optionality away from Gibraltar post-Brexit”, but also highlighted the risk of grey markets.