CMA gives final approval to Coral and Ladbrokes merger
The Ladbrokes and Coral merger has been given the go-ahead
PICTURE: Charles Shearn CMA gives approval to Ladbrokes-Coral merger By Bill Barber 4:16PM 26 OCT 2016
THE Competition and Markets Authority (CMA) has given its final approval to the £2.3 billion merger between Ladbrokes and Coral.
Ladbrokes said in a statement that they expected that completion of the merger would "take place in the very near future".
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It had been announced earlier this month that Betfred were to buy 322 of the 360 Coral and Ladbrokes betting shops the CMA had ordered to be sold in order for the deal to go through, with 37 being bought by Stan James.
One remaining shop needed to be sold and has now been bought by Bet21.
Ladbrokes chief executive Jim Mullen, said: "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."
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."
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