Bookmaker GVC Holdings has offered to buy Ladbrokes Coral for up to US$5.2 billion to create a global online and high street betting giant able to take on rivals and cope with a tougher regulatory environment.
GVC, which boasts 79 million registered accounts and operates in 21 languages through names such as sportingbet and partypoker, previously bought bwin.party in 2016.
The proposed takeover would give it access to the Ladbrokes, Coral and Gala brands and the combined company would compete with William Hill and Paddy Power Betfair.
The two groups said in a joint statement on Thursday, December 7, they were in detailed talks over a deal that would give Ladbrokes shareholders around 46.5% of the combined group.
The final price will depend on the outcome of a government review into fixed-odds betting terminals. The machines have come under fire for leaving gamblers with very heavy losses.
Full Content: The Guardian