21st Mar 2018 10:21
LONDON (Alliance News) - The UK Competition & Markets Authority said Wednesday it has cleared the merger of gambling firms Ladbrokes Coral Group PLC and GVC Holdings PLC.
The CMA said it has found a merger does not give rise to competition concerns. GVC, it said, has limited UK presence and only offers online services, and it added there is a plethora of other better and gaming providers online.
In December, GVC agreed to acquire Ladbrokes Coral in a cash and stock deal worth at least GBP3.2 billion, where GVC shareholders will own 53.5% and Ladbrokes Coral 46.5% of the combined company.
Shareholders of both companies approved the merger earlier in March.
Ladbrokes Coral shares were down 0.1% on Wednesday at 172.90 pence each, with GVC shares up 0.6% at 940.00p.
