Ladbrokes has finalised its 18 month long merger with Gala Coral, the new £2.3 billion combined entity will now be known as the Ladbrokes Coral Group and becomes the UK’s biggest retail bookmaker.
Today the operator will move for a premium listing on the London Stock Exchange.
Ladbrokes governance confirmed completion of the merger this morning: “Ladbrokes plc announces it has today changed its name to Ladbrokes Coral Group plc. The merger is expected to complete on November 1, 2016.”
The new company will retain a number of Gala Coral businesses such as Coral Retail, Eurobet Retail and the bookmaker’s online businesses.
After Ladbrokes and Coral acquiesced to the UK Competition and Markets Authority’s (CMA) requirement to sell 359 betting shops to alleviate competition concerns in specific locations across the UK, the merger progressed swiftly.
Ladbrokes Coral Chairman John Kelly commented on the merger completion: “In uniting these two businesses we are bringing together some of the best known and admired brands in betting and gaming. We believe that no other gambling business has such a strong heritage, with brands that enjoy such broad appeal and a presence that is woven into the fabric of the UK culture as well as overseas regulated markets.”
Ladbrokes Coral CEO Jim Mullen, said: “This is a historic day for the company and one which marks the start of an exciting journey for the business; both Ladbrokes and Gala Coral have demonstrated their ability to compete hard and win in increasingly competitive markets.”
Carl Leaver, executive deputy chairman and former CEO of Coral, added: “Our merger with Ladbrokes brings new and exciting opportunities for both companies and, under the leadership of Jim Mullen, we are now in a position to make our ambition of creating the UK's leading betting and gaming business a reality.”