UK Betting firms Ladbrokes and Coral has announced that they've signed an agreement to sell 359 of their retail betting shops to BetFred and Stan James in an effort to gain regulatory approval for their merger.
The agreements will see BetFred purchasing 322 shops for £55 million, while Stan James will purchase 37 shops for £500,000. The deal is contingent on approval of the UK Competition and Markets Authority as well as the merger of Labrokes and Coral. The CMA has previously ruled that both groups would be required to sell off a selection of their shops in order to move forward with the merger.
It is thought that the proceeds of the sales will go toward paying off debt held by Ladbrokes and Coral.
Commenting on the agreements Ladbrokes CEO Jim Mullen said, "The sale of these shops will clear the last significant hurdle to delivering on the merger with Coral and paves the way for our focus on completion and quickly delivering on the opportunities the merger offers."