GVC completes Ladbrokes Coral takeover
GVC has completed its acquisition of Ladbrokes Coral in a deal that could be worth £4bn (€4.49bn/$5.55bn).
Ladbrokes Coral’s corporate site now redirects visitors to GVC’s homepage.
34 years after Ladbrokes was a founding member of the original FTSE 100, its shares have been delisted from the London Stock Exchange.
Some 271,816,558 ordinary shares of €0.01 each in the capital of GVC have today (Friday) been created under the terms of the deal.
Speaking about the deal recently, GVC chief executive Kenneth Alexander said: "The creation of one of the world's largest listed sports betting companies, combining a portfolio of established brands, proven technology and leading market positions in multiple geographies, is a truly exciting prospect.
“In a dynamically evolving industry, the transaction creates an enlarged group with the scale, diversity, proprietary technology and management expertise to pursue many opportunities globally.”
The deal was agreed in December 2017. Ladbrokes Coral shareholders will receive 32.7p per share and 0.141 new GVC shares, while there is a further contingent entitlement of up to 42.8p depending on the government ruling on FOBT stakes. A favourable outcome for FOBT operators could push the deal’s worth up past the £4bn barrier.
Meanwhile, it has been reported that former EE executive Noel Hamill has been appointed as Ladbrokes Coral’s new chief marketing officer.
Hamill, who took over the running of marketing at the telecoms group in 2016, will assume responsibility for the Ladbrokes and Coral brands across the group.
Related article: Ladbrokes Coral agrees £4bn takeover by GVC