Ladbrokes-Gala Coral Merger Formally Approved By UK Watchdog Body
While William Hill are still licking their wounds from their failed merger talks with Amaya Gaming, rivals Ladbrokes have got the green light for their strategic merger with the Gala Coral Group.
Today saw the Competition and Market Authority (CMA) give the green light as they officially approved the selling of 360 betting shops to Betfred, Bet 21 and Stan James. The selling of the shops is a condition set by the CMA for approval of the merger in an effort to avoid market saturation and unfair competition.
The much talked about merger is said to happen very soon according to Ladbrokes and they are already preparing a readmission to the London Stock Exchange for the enlarged new company.
CEO of Ladbrokes Jim Mullen was delighted with the CMA’s decision and said both companies are “approaching the merger with good momentum.” Gala Coral CEO Carl Leaver was equally chuffed and said,” the final hurdle has now been cleared and we can begin to realize the significant value available to both company’s shareholders.”
The latest merger is one of many giant companies merging as a result of an increasingly competitive gambling market were increased taxes and regulations have had a major effect on operations in the last few years.