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.
A leading face to face fundraising agency providing high quality private site campaigns. Long established company operating over 10 years. Operates from leasehold premises in London. Offers invited.
LEASEHOLD
Multi-faceted business opportunity developed by our clients in 2014 and now offered for sale due to the directors other business ventures. Owners have firmly planted the venue for live music particularly live jazz, blues, funk and soul. Any new buyer...
LEASEHOLD
Acorn's Healthy Option Pet Food Store. The shop is extremely well established and very well presented with a fantastic reputation; due to the good service and quality products the shop provides. Business has a lot of repeat customers, as well as the...
LEASEHOLD
|
18
|
|
Dec
|
High street clothing chain enters administration | ADMINISTRATION
A prominent high street clothing chain has collapsed into ad...
|
15
|
|
Dec
|
Two pub companies enter administration | ADMINISTRATION
Mitchell’s of Lancaster (Brewers) Limited and York Bre...
|
13
|
|
Dec
|
Harvard Technology Limited enters administration | ADMINISTRATION
A lighting company based in Normanton has been forced to eng...
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