Ladbrokes Coral merger receives final CMA approval
Competition watchdog gives green light to the disposal of 360 shops to Betfred, Stan James and Bet 21
The Ladbrokes-Coral merger edged a step closer today after the Competition and Markets Authority (CMA) gave its final approval for the £2.3bn deal to be completed.
The competition watchdog rubber stamped the disposal of 360 shops required for the merger to go through, 322 of which will be sold to Betfred, 37 to Stan James and one to Bet 21.
The CMA earlier this year ruled the two operators must sell between 350 and 400 shops in order for the deal to go ahead.
Ladbrokes said it now expected the merger to be competed in the “very near future” as it prepares for readmission of the enlarged group to begin trading on the London Stock Exchange.
“I am delighted that the CMA has given approval to our merger with Coral,” Ladbrokes CEO, Jim Mullen, said.
“Both businesses are approaching the merger with good momentum and we are now focusing on completing the merger and delivering on the opportunities it offers.”
Gala Coral CEO, Carl Leaver, added: “The final hurdle has now been cleared and we can begin to realise the significant value available to both company’s shareholders.”
Today’s news will come as a disappointment to Irish operator BoyleSports which had previously voiced its concerns over the shop sales.
The Dundalk-based firm claimed it had tabled a higher offer than the £55.5m Ladbrokes Coral is set to recoup for the sale of the shops to Betfred, Stan James and Bet21.