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Australian betting groups Tabcorp and Tatts Group have gained approval from the Australian Competition Tribunal to merge, allowing the A$11.3 billion deal to continue.
The deal was approved after the tribunal found that there'd be "substantial public benefits" to the merger. The decision was well-received by both groups, as their shares each rose by roughly 5%. Both companies are widespread throughout Australia, as they offer pokies in bars as well as provide software to lotteries. The two companies are expecting to complete the merger in August after Tabcorp divests its interest in Odyssey Gaming Services, which is a gaming analysis group.
Speaking about the approval ACT Justice John Middleton said, "The tribunal is satisfied that the proposed merger is likely to result in substantial public benefits, and the public detriments identified by the [Australian Competition and Consumer Commission] and the interveners are unlikely to either arise or are not of significance."
Tabcorp Chair Paula Dwyer also spoke on the development, noting: "The combination will bring together two great Australian businesses, well positioned to invest, innovate and compete in a global gambling entertainment marketplace. We look forward to continuing to work with Tatts to successfully complete the transaction and are working towards implementation in August 2017."