Ladbrokes and Coral to sell 359 betting shops ahead of merger
Ladbrokes has announced that subsidiaries of Ladbrokes and Gala Coral Group have agreed to sell a total of 359 licensed betting shops.
Done Brother’s Betfred will purchase 322 shops for a cash consideration of £55 million while the Stan James chain will buy 37 shops for £0.5 million.
The exchange of contracts is conditional upon the approval of the Competition and Markets Authority and the completion of the merger of Ladbrokes and the Coral Group.
In July, the CMA published its final conclusions into the merger which stated that it could proceed subject to the divestment of 350 to 400 shops.
Jim Mullen, chief executive of Ladbrokes, said: "The sale of these shops will clear the last significant hurdle to delivering on the merger with Coral and paves the way for our focus on completion and quickly delivering on the opportunities the merger offers."
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