Ladbrokes, Gala Coral announce merger
Print Edition
BOOKMAKERS Ladbrokes and Gala Coral sealed an all-share merger, creating a 2.3 billion pound (US$3.4 billion) betting group that will seek to build on its dominance of Britain’s high streets to expand its online business.
The latest deal in the gambling sector comes only a week after online betting company 888 agreed a 900 million pound takeover of rival Bwin.party. Betting firms are responding to higher tax bills and tighter regulation of the industry by looking to bulk up. Ladbrokes has struggled to match larger rival William Hill’s ability to manage its betting shop chain and invest in online growth. Crucial marketing and product investment has also lagged fast growing online groups like Betfair.
“This is a major strategic step for Ladbrokes,” said Ladbrokes Chief Executive Jim Mullen, who was hired in May to revitalize the business and improve a digital performance that sparked a series of profit warnings.
“Together, we will create a leading betting and gaming business combining strong brands with an attractive multi-channel offering and an extensive national and international coverage,” added Mullen, who will lead the merged company.
Ladbrokes said it would issue new shares to existing Gala Coral investors representing 48.25 percent of the enlarged group.
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