Ladbrokes and Gala Coral have agreed to sell 356 licensed betting offices to Done Brothers, trading as Betfred, and Stan James.
Betfred will purchase 322 shops for a cash consideration of £55 million (€60.9 million/$67 million), while Stan James will acquire 37 sites for £500,000.
Both agreements remain subject to approval by the UK Competition and Markets Authority (CMA), and the completion of the planned merger between Ladbrokes and Coral.
Last month, rival bookmakers Ladbrokes and Coral agreed to sell off a number of shops in response to a demand from the CMA, which had raised concerns over the merger between the two companies.
The CMA requested that Ladbrokes and Coral sell shops to even out competition in 642 locations across the UK it had highlighted as areas that could be impacted by the impending merger.
Ladbrokes will be selling a total of 185 shops, with Coral letting 174 locations go, while the combined consideration of £55.5 million will be payable to each firm in proportion to the profitability of the shops.
The bookmakers said that the consideration received will be used to repay debt.