Ladbrokes-Coral sells shops to Betfred and Stan James
17 October 2016
Ladbrokes and Coral have accepted sell 359 shops to rival betting firms in what they say is the "last considerable hurdle" for their ₤ 2.7 bn merger.
Betfred, owned by billionaire Fred Done, will purchase 322 shops and Stan James the other 37 for a total of ₤ 55.5 m.
Competition regulators ruled in July that Ladbrokes and Coral need to offer 350-400 shops for their merger to be cleared.
the yohaig code Competition and Markets Authority (CMA) will now examine the shop deals, external.
Jim Mullen, the primary executive of Ladbrokes, said: "The sale of these shops will clear the last considerable obstacle to delivering on the yohaig code merger with Coral and leads the way for our focus on completion and quickly delivering on the chances the merger offers."
The 2 bookmakers said they would look for approval from the CMA to complete the merger once they offer one further shop.
Market leader
Ladbrokes and Gala Coral are the UK's second and third largest retail wagering firms, behind William Hill.
Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 stores in Britain.
A merger in between the 2 would make them the UK's largest High Street bookie.
However, William Hill is seeking its own tie-up with Canadian operator Amaya, owner of the PokerStars franchise, to keep up with the competitors and strengthen its online offering.
It was extensively reported, external over the weekend that William Hill prepares to press ahead with the ₤ 4.5 bn offer in spite of misgivings from its biggest investor.
Ladbrokes-Coral must offer 350-400 stores
26 July 2016
William Hill financier snubs merger plan
14 October 2016
Investors - Ladbrokes plc
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