ators William Hill have agreed to purchase Playtech’s share of the firms’ William Hill Online (WHO) joint venture.

The 29% stake in the online betting and gaming business will cost Hills approximately £424m in cash.

The deal was triggered after the UK bookmakers notified the providers of their intention to exercise their call option in 2013.

The agreement will see Playtech receive a proportionate share of William Hill Online’s 2013 profits up to the date of completion. If the purchase isn’t completed by 30 April then William Hill’s right to exercise their call option in 2015 will automatically terminate.

William Hill CEO Ralph Topping said: “William Hill Online has consistently delivered strong net revenue growth since it was formed in December 2008.

“This joint venture has been very successful for both parties and we look forward to continuing our relationship with Playtech as a key software supplier.”

Playtech CEO Mor Weizer added: “The success of William Hill Online demonstrates the potential to create value by combining a well-established brand with Playtech's best of breed technologies, products and services.”