Ladbrokes-Coral sells stores to Betfred and Stan James
17 October 2016
Ladbrokes and Coral have consented to sell 359 shops to rival betting companies in what they say is the yohaig code "last considerable difficulty" for their ₤ 2.7 bn merger.
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Betfred, owned by billionaire Fred Done, will buy 322 shops and Stan James the other 37 for a total of ₤ 55.5 m.
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Competition regulators ruled in July that Ladbrokes and Coral need to sell 350-400 look for their merger to be cleared.
The Competition and Markets Authority (CMA) will now evaluate the store offers, .
Jim Mullen, the president of Ladbrokes, said: "The sale of these shops will clear the yohaig code last significant obstacle to delivering on the merger with Coral and paves the method for our focus on conclusion and rapidly delivering on the opportunities the merger provides."
The two bookmakers said they would seek approval from the CMA to complete the merger once they sell one additional store.
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Ladbrokes and Gala Coral are the UK's second and third biggest retail wagering firms, behind William Hill.
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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 biggest High Street bookmaker.
However, William Hill is seeking its own tie-up with Canadian operator Amaya, owner of the PokerStars franchise, to keep up with the competition and reinforce its online offering.
It was extensively reported, external over the weekend that William Hill prepares to press ahead with the ₤ 4.5 bn bet9ja's welcome offer despite misgivings from its largest shareholder.
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Ladbrokes-Coral Sells Shops to Betfred and Stan James
renaldo75b7323 edited this page 2025-10-18 16:18:58 +00:00