Ladbrokes agreed the terms of its merger with Gala Coral, paving the way for the creation of Ladbrokes Coral.
The company announced that the move was passed at its general meeting held on Tuesday.
The proposed deal will see the company merge with Coral Retail, Eurobet Retail and Gala Coral’s online businesses. Ladbrokes has signed a £1.35bn facility with a group of banks to support the merger.
Rob Templeman, chairman of Gala Coral, welcomed the news, stating: “This is a very important milestone in the process and reflects the compelling logic of combining our businesses.
Both Ladbrokes and Gala Coral continue to “work constructively” with the UK’s Competition and Markets Authority to enable the merger to go ahead, he added.
