Betfred and Stan James are the beneficiaries from the Competition and Markets Authority’s (CMA) ruling that Ladbrokes and Gala Coral must sell 359 betting shops for them to authorize their proposed £2.3 billion merger.
Independent bookmaker Betfred will purchase 322 shops for £55 million in cash, with Stan James taking control of 37 shops that it will pay £500,000 cash for.
“The sale of these shops will clear the last significant hurdle to deliver on the merger with Coral and paves the way for our focus on completion and quickly delivering on the opportunities the merger offers,” said Jim Mullen, chief executive of Ladbrokes.