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Ladbrokes-Coral offers stores to Betfred and Stan James
17 October 2016
Ladbrokes and Coral have consented to sell 359 shops to rival wagering companies in what they state is the "last significant obstacle" for their ₤ 2.7 bn merger.
Betfred, owned by billionaire Fred Done, will buy 322 stores and Stan James the other 37 for an overall of ₤ 55.5 m.
Competition regulators ruled in July that Ladbrokes and Coral must sell 350-400 look for their merger to be cleared.
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The Competition and Markets Authority (CMA) will now examine the store offers, external.
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Jim Mullen, the president 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 concentrate on conclusion and quickly providing on the chances the merger provides."
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The two bookmakers stated they would seek approval from the CMA to finish the merger once they sell one further shop.
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Market leader
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Ladbrokes and Gala Coral are the UK's second and third biggest retail betting firms, behind William Hill.
Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 shops in Britain.
A merger in between the 2 would make them the UK's biggest 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 reinforce its online offering.
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It was extensively reported, external over the weekend that plans to press ahead with the yohaig code ₤ 4.5 bn deal regardless of misgivings from its largest investor.
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Ladbrokes-Coral should sell 350-400 stores
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26 July 2016
William Hill investor snubs merger plan
14 October 2016
Investors - Ladbrokes plc
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Ladbrokes Coral Sells Shops to Betfred and Stan James
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