March 21, 2018 / 8:00 AM / 2 years ago

UK competition regulator clears GVC's takeover of Ladbrokes Coral

A sign hangs outside a branch of Ladbrokes in London, Britain December 22, 2017. REUTERS/Simon Dawson

(Reuters) - Britain’s Competition and Markets Authority (CMA) cleared online gambling firm GVC Holdings Plc’s (GVC.L) acquisition of Ladbrokes Coral Group Plc LCL.L on Wednesday, saying the merger did not raise competition concerns.

GVC agreed in December to take over leading British bookmaker Ladbrokes Coral for up to 4 billion pounds ($5.61 billion).

“The CMA has found that GVC and Ladbrokes are not close rivals and there are many other providers of betting and gaming services online,” the competition regulator said.

Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Subhranshu Sahu

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