Deal of the month: Time to combine

Author: | Published: 15 Dec 2016

The multi-billion pound combination of two of the UK’s largest gaming companies faced a number of merger control obstacles and shareholder objections

The £2.4 billion ($3 billion) merger of UK-based bookmakers Ladbrokes and Gala Coral, which closed on November 2, has offered Coral's private equity owners an alternative exit route with elements of both a trade sale and an IPO.

The deal proceeded as a reverse takeover of Ladbrokes, a FTSE 250 company, by Coral, privately-owned by Goldman Sachs, Cerberus and Apollo, all of which received publicly-listed stock in the enlarged Ladbrokes Coral group.

According to Davis Polk & Wardwell partner Will Pearce, who advised the financial advisors, joint sponsors and bookrunners to Ladbrokes, the transaction timetable was extended to accommodate the antitrust review process conducted by the Competition and Markets Authority (CMA), which ordered the combined entity to sell 359 shops to competitors Betfred and Stan James...



close Register today to read IFLR's global coverage

Get unlimited access to for 7 days*, including the latest regulatory developments in the global financial sector, updated daily.

  • Deal Analysis
  • Expert Opinion
  • Best Practice


*all IFLR's global coverage published in the last 3 months.

Read IFLR's global coverage whenever and wherever you want for 7 days with IFLR mobile app for iPad and iPhone

"The format of the Review has changed over the years; the high quality of its substantive content has not."
Lee C Buchheit, Cleary Gottlieb