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Bookmaker Ladbrokes Coral has agreed to a takeover by online rival and Foxy Bingo owner GVC in a deal worth up to £4bn. Under the deal, GVC – which owns the Bwin, Sportingbet and Foxy Bingo brands – will hold 53.5 per cent of the combined group.
The pair had said earlier in December that they were in “detailed” discussions over a cash and shares tie-up.
GVC chief executive Kenneth Alexander described the takeover deal as “a truly exciting prospect”.
Ladbrokes Coral chairman John Kelly said the tie-up with GVC would “improve the customer experience, drive faster online growth and build a more diverse and extensive international portfolio of businesses”.
The final worth of the deal is dependent on the government’s review of gaming machines known as fixed-odds betting terminals (FOBTs).
The combination will result in cost savings of at least £100m a year, the two companies said.
Ladbrokes Coral became the UK’s biggest High Street bookmaker following last year’s merger of Ladbrokes and Coral.