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    Default Ladbrokes Coral agrees to £4bn takeover by GVC Holdings

    Three weeks after rumors started to swirl about renewed merger discussions, Ladbrokes Coral has indeed agreed to a takeover by GVC Holdings in a deal worth up to £4bn.

    From The Guardian:

    The takeover will create an online-led global gambling giant, combining Ladbrokes’ high street and online operations with GVC’s stable of brands, which includes Foxy Bingo, Sportingbet and PartyCasino.

    Under the terms of the deal, GVC will own about 53.5% of the enlarged group with its chief executive, Kenneth Alexander, taking the reins.

    It comes amid a wave of consolidation in the sector, which has been under pressure pending the review, which is expected to significantly cut earnings from lucrative betting machines – dubbed the crack cocaine of gambling.

    John Kelly, the chairman of Ladbrokes Coral, said: “Ladbrokes Coral board believes that the proposed combination with GVC accelerates our strategy to improve the customer experience, drive faster online growth and build a more diverse and extensive international portfolio of businesses.
    Read more here: https://www.theguardian.com/society/...line-rival-gvc

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    UK Competition and Markets Authority has approved the GVC and Ladbrokes merger:

    http://www.yogonet.com/international...dbrokes-merger

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