CMA approves expected merger

Ladbrokes and Coral’s joint venue was approved by the UK Competition and Markets Authority.

UK.- The Competition and Markets Authority issued yesterday the approval of Ladbrokes and Gala Coral £2.3 billion merger, which was expected to be completed by this autumn but instead it will take place in the following weeks. The major gambling companies needed the last green light of the market regulator after they’ve been notified they had to sell 350 to 400 shops.

Last week, Ladbrokes and Gala Coral agreed to sell 359 betting shops to smaller competitors companies in the regional market. The joint venture would create the major sports betting bookmaker for the British and international market. The betting company Betfred acquired 322 of the Coral and Ladbrokes shops, whilst Stan James bought the other 37.

Ladbrokes chief executive Jim Mullen, commented on the closure of the deal: “I am delighted that the CMA has given approval to our merger with Coral. 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.” Meanwhile, Carl Leaver, chief executive of Gala Coral, said: “I am delighted that the CMA has given its approval to our merger with Ladbrokes. The final hurdle has now been cleared and we can begin to realise the significant value available to both company’s shareholders.”