GVC Takes Over Ladbrokes Coral For £4 Billion
Ladbrokes is a London based betting and gambling company, famous around the world. Gala Coral group was another British betting shop and casino operator. In November 2016, the two companies agreed on a merger, which resulted in Ladbrokes plc changing its name to Ladbrokes Coral Group plc.
With over 3,500 betting outlets, Ladbrokes Coral was employing over 25,000 staff. In a recent development, Ladbrokes Coral Group has agreed to be bought by another online rival known as GVC. GVC is an online competitor, owning brands such as Bwin, Sportingbet, PartyPoker, PartyCasino, Foxy Casino, etc, and their takeover of Ladbrokes Coral has resulted in a deal worth around £4 billion.
GVC themselves have over 2,800 people in employment, and this takeover is set to create an online-led worldwide gambling giant. As per the terms of the agreement, GVC is set to own about 53.5% of the enlarged company (new name not specified) and their current CEO Kenneth Alexander will take over the reins. He termed the merger as "a truly exciting prospect."
Further, the terms of the deal specify that Ladbrokes Coral shareholders will get 32.7p in cash and 0.141 ordinary GVC shares, plus a contingent entitlement worth up to 42.8p. Both companies have indicated that the merger would result in savings of costs of up to £100m a year.
“Ladbrokes Coral board believes that the proposed combination with GVC accelerates our strategy to improve the customer experience, drive faster online growth and build a more diverse and extensive international portfolio of businesses," said John Kelly, Chairman of Ladbrokes Coral.
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