William Hill and Playtech in Crisis TalksCompanies To Try To Restore Relationship Over Joint Venture William Hill Online |
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William Hill and Playtech are to meet this month and try to rebuild their relationship after a series of setbacks have threatened their joint venture William Hill Online.
The Financial Times has reported that the Israeli-based software developer which owns the iPoker network on which the British bookmaker operates its online poker site, will meet to try and resolve their differences.
According to the newspaper Playtech’s Mor Weizer, who has control of 29 percent of WHO said, “It is imperative that all options are explored, including structural changes to the joint venture, something we are not opposed to.”
Last year relations broke down in a power struggle relating to the company when Playtech entered discussions with Ladbrokes, one of William Hill’s largest competitors.
William Hill took out an injunction against it partner to prevent “significant amendments” being made to its contract with Playtech.
The Financial Times says William Hill wants "strategic control over the fastest growing division in its business by ending Playtech’s veto over acquisition and obtaining a commitment from the company not to work with high street rivals Ladbrokes.”
Playtech paid €250 million for its stake in William Hill Online and it is valued at £354 million according to Deutsche Bank.
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