The Australian companies announced that the US$8.3 billion merger has been completed today.
Australia.- Tabcorp and Tatts revealed that the US$8.3 billion merger of the two companies has been completed on Friday. The combination of Tabcorp and Tatts Group has created a world-class, gambling entertainment group diversified across wagering, media, lotteries, Keno, and gaming services.
Together Tabcorp and Tatts have started a new chapter and we are now one of the world’s largest gambling-led entertainment groups with more than $5 billion in annual revenues. Led by Managing Director and Chief Executive Officer, David Attenborough, the merged company is powered by more than 5,000 people. It has a presence at more than 9,000 retail outlets – the largest retail footprint in Australia.
Moreover, the firm said: “Tabcorp Holdings Limited (Tabcorp) advises that the Scheme of Arrangement (Scheme) in relation to the combination of Tabcorp and Tatts Group Limited (Tatts) has been implemented today. Tatts is now a wholly-owned subsidiary of Tabcorp. Tabcorp notes that Tatts has submitted an application to ASX to remove the ordinary shares of Tatts from the official list of the ASX. It is expected that Tatts shares will be delisted from ASX from the close of trade on 27 December 2017.”
After the merger, chief executive David Attenborough said that the company has targeted the UK National Lottery license and US sports betting. The official believes that there are opportunities to grow as the license will be renewed in 2019 and the United States could soon allow a gaming expansion with the legalisation of sports betting on a federal level. Nevertheless, the priority, according to Attenborough, is integrating the two companies and all their businesses. “These are complex transactions. Bringing two large businesses together with a lot of history.”