Ladbrokes and Coral agree to sell betting shops
The Competition and Markets Authority (CMA) confirmed in May that such a sale could be required after it found that the proposed deal may give rise to competition concerns in a large number of areas.
Two months later, the regular identified 642 local markets that the merger could result in "substantial lessening" of competition and confirmed the disposals would have to be completed before the deal can go ahead.
““Ladbrokes and Coral have now offered undertakings to sell the required number of stores to a suitable buyer to be approved by the CMA
”
The pair revealed they were in discussions regarding a possible merger in June 2015.
At the time, Jim Mullen, chief executive of Ladbrokes, said: "A merger with Gala Coral could create a combined business with significant scale and has the potential to generate substantial cost synergies, creating value for both companies' shareholders."
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