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Online betting giant GVC Holdings is closing out the year in style with the announcement of coming to a deal to purchase Ladbrokes Coral for a whopping £4 billion.
The deal has been accepted by Ladbrokes Coral's board of directors, and will come down to votes by shareholders and approval from regulatory bodies alike. It's expected that GVC will hold 53.5% of the combined group if and when the deal finalizes in the first half of next year. The merger will create a huge company, as GVC already holds bwin, Sportingbet, and Foxy Bingo brands.
GVC willl pay out at least £3.2 billion, with the possibility of £4 billion being paid out should certain performance benchmarks be met.
GVC's CEO Kenneth Alexander spoke about the deal in a release, revealing: "The creation of one of the world's largest listed sports betting companies, combining a portfolio of established brands, proven technology and leading market positions in multiple geographies, is a truly exciting prospect.
"In a dynamically evolving industry, the transaction creates an enlarged group with the scale, diversity, proprietary technology and management expertise to pursue many opportunities globally.
"GVC has a proven track record of creating shareholder value through the successful integration of acquired businesses and the GVC board believe this transaction will create further value for our shareholders and those of Ladbrokes Coral."
This deal will be massive in size, and we'll update readers as more developments arise.