20th Jul 2015 08:17
LONDON (Alliance News) - Ladbrokes PLC and Gala Coral Group Ltd are close to agreeing terms on their GBP3.5 billion merger which would make the combined company the UK's largest bookmaker, The Times reports.
The Times said bankers from Greenhill and UBS are advising Ladbrokes on the deal and are expected to announce a share placing to raise cash to fund the deal.
The planned move is understood to be relatively complex as Gala Coral is currently private equity owned and has around GBP2.2 billion in debt on its books. But The Times said the talks are understood to have progressed well since first being announced last month.
http://www.thetimes.co.uk/tto/business/industries/leisure/article4502616.ece
By Sam Unsted; [email protected]; @SamUAtAlliance
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