Ladbrokes-Coral sells shops to Betfred and Stan James

17 October 2016

Ladbrokes and Coral have concurred to sell 359 stores to rival wagering companies in what they say is the "last significant obstacle" for their ₤ 2.7 bn merger.

Betfred, owned by billionaire Fred Done, will purchase 322 shops and Stan James the other 37 for a total of ₤ 55.5 m.

Competition regulators ruled in July that Ladbrokes and Coral must sell 350-400 buy their merger to be cleared.

The Competition and Markets Authority (CMA) will now assess the yohaig code shop offers, external.

Jim Mullen, the president of Ladbrokes, said: "The sale of these stores will clear the last substantial obstacle to delivering on the merger with Coral and paves the method for our focus on conclusion and quickly delivering on the chances the merger uses."

The 2 bookmakers said they would look for approval from the CMA to complete the merger once they bet9ja's welcome offer one additional store.

Market leader

Ladbrokes and Gala Coral are the UK's second and third largest retail betting firms, behind William Hill.

Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 stores in Britain.

A merger in between the two would make them the UK's largest High Street bookmaker.

However, William Hill is seeking its own tie-up with Canadian operator Amaya, owner of the franchise, to stay up to date with the competitors and boost its online offering.

It was widely reported, external over the weekend that William Hill prepares to push ahead with the ₤ 4.5 bn deal despite misgivings from its largest shareholder.

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Investors - Ladbrokes plc