GVC in £4bn Ladbrokes deal

HIGH street bookmaker Ladbrokes Coral has agreed to a takeover by online rival and Foxy Bingo owner GVC in a deal worth up to £4billion.

The move comes after the pair revealed earlier this month they were in “detailed” discussions over a cash and shares tie-up.

It is the third time the firms, which employ nearly 30,000 staff, have held talks.

The takeover will create a global gambling giant, combining Ladbrokes’ high street and online operations with GVC’s stable of brands, including Sportingbet and PartyCasino.

Analysts believe the new business will slash costs by £100million a year.

GVC boss Kenny Alexander insisted the group was “100% committed” to keeping Ladbrokes Coral shops – but both firms said the business would be “online led”.