Ladbrokes and Gala Coral have agreed to a demand from the UK Competitions and Markets Authority (CMA) to sell shops in order to proceed with their planned merger.
Earlier this year, the CMA said that the two operators would need to sell between 350 and 400 land-based sites in the UK to one or more “suitably qualified up-front buyers” in order to satisfy issues regarding competition concerns in 642 localities across the UK, should the deal go through.
First mooted in June of last year, the proposed merger would create a combined operation worth approximately £2.3 billion (€2.7 billion/$3 billion).
In a statement, the CMA said Ladbrokes and Coral have agreed to its demands in regards to shop sales, with the organisation now inviting written comments from parties interested in acquiring the land-based facilities.
“On July 26, the CMA announced that Ladbrokes and Coral must sell around 350 to 400 licensed betting offices (LBOs) in order to obtain clearance of their merger and preserve competition in 642 local markets where the companies’ betting products overlap,” the CMA said.
“Ladbrokes and Coral have offered undertakings to sell the required number of LBOs to a suitable buyer to be approved by the CMA.”
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