LONDON (ShareCast) - (ShareCast News) - The Competition and Markets Authority has approved GVC's takeover of Ladbrokes Coral, clearing the way for the creation of one of the world's largest listed betting companies.


GVC's purchase of Britain's biggest bookmaker does not raise competition concerns, the regulator said.

GVC has a small business in the UK and only operates online, the CMA said. GVC and Ladbrokes are not close rivals and consumers can choose from many other betting and gaming websites, it added.

"The CMA looked closely at betting services for individual sports and individual games but found that, in all cases, there will be enough rivals to the merged entity to prevent price increases or a reduced quality of service as a result of the merger."

Ladbrokes' board accepted a £3.2bn offer - with potential to rise to £4bn - from GVC in December. The deal, sealed amid intense competition and regulatory scrutiny of betting companies, was approved by Ladbrokes shareholders on 8 March. Ladbrokes Coral shareholders will hold about 46.5% of the enlarged group, with GVC's owning about 53.5%.

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