The companies could complete the £2 billion merger by the end of the month.
UK.- The bookmakers moved a step closer to the merger after agreeing to sell 359 betting shops, a tenth of their combined network, to smaller rivals. The deal establishes that Ladbrokes and Coral agreed to sell the shops to Betfred and Stan James for £55.5 million.
Jim mullen, Ladbrokes chief executive, said the sale of these shops will clear “the last significant hurdle” to delivering on the merger with Coral: “It paves the way for our focus on completion and quickly delivering on the opportunities the merger offers,” he added. The sale is still waiting for the approval of the UK Competition and Markets Authority (UKCMA) and will be transacted once the merger is complete.
This merger would create the UK’s biggest bookmaker with almost 4000 betting shops and the combined firm would overtake William Hill. If the deal goes ahead, the combined company would then apply to list its shares on the London Stock Exchange.