The UK Competitions and Markets Authority ruled that the two entities would need to sell somewhere between 350 to 400 of their betting shops in the UK in order to satisfy the concerns regarding a potential monopoly. This week the regulator said that the two groups have agreed to the move, and are now seeking out buyers for the properties. No details on the sites for sale has been released as of press time.
Commenting on the agreement the CMA revealed: "On July 26, the CMA announced that Ladbrokes and Coral must sell around 350 to 400 licensed betting offices (LBOs) in order to obtain clearance of their merger and preserve competition in 642 local markets where the companies' betting products overlap."
"Ladbrokes and Coral have offered undertakings to sell the required number of LBOs to a suitable buyer to be approved by the CMA."
Ladbrokes and Coral agreed to merge last year, and if the deal is completed the combined group would be worth £2.3 billion.