9 August 2013
Clifford Chance advises Australia's tomwaterhouse.com on acquisition by UK's William Hill
Sydney: Leading international law firm Clifford Chance has advised the Waterhouse family on the sale of Australian online betting company tomwaterhouse.com to the UK's William Hill.
Tomwaterhouse.com was established in 2010 and is one of Australia’s fastest growing wagering and sports betting businesses, led by managing director Tom Waterhouse.
The Waterhouse name has been synonymous with betting and racing in Australia for more than a century. Tom Waterhouse himself is a fourth-generation bookmaker and a member of Australia’s most famous racing family.
William Hill is one of the world's leading betting and gaming companies, employing more than 17,000 people. Founded in 1934, it is now the UK's largest bookmaker with around 2,400 licensed betting offices and is a member of the FTSE100.
"The success and heritage of tomwaterhouse.com guaranteed that this would be a high-profile transaction and we're delighted to have helped Tom and his family members," said M&A partner Lance Sacks, who led the team advising the Waterhouse family.
On completion, tomwaterhouse.com will become part of William Hill Australia, which also includes the Sportingbet and Centrebet brands. Tom Waterhouse will remain as managing director of tomwaterhouse.com and will work closely with William Hill’s Australian management team.
M&A partner Lance Sacks led the Clifford Chance team advising tomwaterhouse.com, assisted by senior associate Amelia Horvath and associate Owen Thomas. All are based in Sydney.
Clifford Chance has a leading M&A practice in Australia including cross-border M&A, and in the hotels, leisure and gaming sector. In 2011, Lance also led the team advising Australia's Centrebet on its acquisition by the UK's Sportingbet – a combined Australian business which was subsequently acquired by William Hill in March 2013. Earlier this year, Lance also led the team advising Australia's Toga Group on a 50:50 joint venture in hotel management and ownership with Singapore's Far East Orchard Limited in which Far East Orchard injected A$250 million into the joint venture.