Ladbrokes Coral deal terms with GVC agreed

Bookmaker Ladbrokes Coral agreed a takeover by online rival and Foxy Bingo owner GVC yesterday in a deal worth up to £4 billion.

It comes after they said earli‑ er this month that they were in detailed talks over a cash and shares tie‑up.

The deal follows two previ‑ ous attempts at a combina‑ tion between the companies, the latter breaking down in the summer over price and amid uncertainty ahead of the government’s gambling review. It sees the creation of an online‑led global gambling giant, combining Ladbrokes’ high street and online oper‑ ations with GVC’S brands, including Sportingbet and Partycasino.

GVC will own around 53.5 per cent of the enlarged group and its chief executive, Ken‑ neth Alexander, will be CEO.

John Kelly, chairman of Lad‑ brokes Coral, said the deal will “drive faster online growth and build a more diverse and extensive international port‑ folio of businesses”.