Mon, 17 Oct 2016 | MERGER
Betting firms Ladbrokes and Coral have agreed to sell 359 betting shops, paving the way for their £2.7 billion merger.
Betfred will take 322 stores for £55 million and Stan James will buy the rest for £500,000. Ladbrokes said the deal, subject to approval, cleared the "last significant hurdle" for its merger with Coral. If the two firms merge they'll become the largest bookmaker in the UK.
The sale is an attempt to appease the Competition and Markets Authority (CMA), which said the firms must sell off between 350 and 400 shops to prevent a monopoly. The CMA will now assess the deals. Ladbrokes and Coral said they would seek approval to complete the merger when they sell one more shop.
Ladbrokes chief executive, Jim Mullen, said: "The sale of these shops will clear the last significant hurdle to delivering on the merger with Coral and paves the way for our focus on completion and quickly delivering on the opportunities the merger offers."
William Hill, the current market leader, is also planning a multi-billion-pound merger with Canadian online gambling and gaming firm Amaya, although shareholders are against the deal.
Asset house Parvus, William Hill's largest shareholder, said the move had "limited strategic logic" and would "destroy shareholder value". The company advised William Hill to explore other options, including a sale of the business.
There's a lot of information about selling a business here.
Viewing: Wednesday 27 February 2019 between 10am and 3pm. Closing From 10am Friday 1 March 2019.
Tyre specialist offering commercial and agricultural tyres. Major Tyres Ltd with Hankook performance tyres. Offers invited.
LEASEHOLD
Busy vehicle tyre changing business, which is in a prime trading location in Midhurst, West Sussex. The business was established by our clients in 1984. Only now is the business being offered to the market, due to our clients’ desire for a well-deser...
FREEHOLD
|
21
|
|
Feb
|
Lakeside hotel enters administration | ADMINISTRATION
A historic but well-preserved hotel located on the banks of ...
|
19
|
|
Feb
|
Pharmaceutical manufacturer enters administration | ADMINISTRATION
A pharmaceutical manufacturing company based in Bristol has ...
|
16
|
|
Feb
|
Flybmi collapse - Ryanair, Loganair quick to take advantage and is Brexit really to blame? | ADMINISTRATION
Airlines Ryanair and Loganair are moving quickly to take ad...
Sign up to receive our acquisition alert emails to get your FREE guide
|
21
|
|
Feb
|
Broadcaster buys greyhound stadia from William Hill | BUSINESS SALE
A broadcaster specialising in the supply of live racing pict...
|
10
|
|
Oct
|
William Hill in '£4.5 billion' merger discussions with owner of PokerStars | MERGER
William Hill, one of UK’s leading betting companies, i...
|
20
|
|
May
|
400-shop sell-off in Ladbrokes and Coral merger | MERGER
The proposed £2.3 billion merger between betting giant...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources