GVC Holdings finalises Ladbrokes-Coral takeover

GVC Holdings plc has announced that it has completed its acquisition of online gaming giant Ladbrokes Coral Group plc, transforming itself into one of the world’s largest gaming groups with a headcount of 28,000 people.

‘The formally online gambling group now enters the retail betting market as the biggest high street bookmaker in the United Kingdom with 3,500 shops operating under the Ladbrokes and Coral brand names, and a large retail and digital presence internationally across nations like Italy, Ireland, Spain, Belgium and Australia.

GVC chief executive Kenneth Alexander said in a statement Thursday:

“The creation of one of the world’s largest listed sports betting companies, combining a portfolio of established brands, proven technology and leading market positions in multiple geographies, is a truly exciting prospect.

“In a dynamically evolving industry, the transaction creates an enlarged Group with the scale, diversity, proprietary technology and management expertise to pursue many opportunities globally. GVC has a proven track record of creating shareholder value through the successful integration of acquired businesses and the GVC Board believe this transaction will create further value for our shareholders and those of Ladbrokes Coral.”

The consideration for the acquisition will range from around GBP 3.2 billion to GBP 4 billion due to a provision that takes into account the possible repercussions of a drastic reduction in UK Fixed Odds Betting Terminals income, which may be impacted by future government legislation (see previous reports).

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