Following 18 months of negotiations, the merger of Ladbrokes and Coral has finally been completed, with the new enterprise officially adopting the corporate name of Ladbrokes Coral Plc.
Issuing a short statement, Ladbrokes governance confirmed its official merger completion this morning: “Ladbrokes plc announces it has today changed its name to Ladbrokes Coral Group plc. The merger is expected to complete on November 1, 2016.”
The £2.3 billion gambling operator which will now become the UK’s biggest retail bookmaker (combined portfolio + 3500 betting shops), will today move for a premium listing on the London Stock Exchange.
Issuing his first statement as Ladbrokes Coral Chairman John Kelly commented on the merger completion.
“In uniting these two businesses we are bringing together some of the best known and admired brands in betting and gaming. We believe that no other gambling business has such a strong heritage, with brands that enjoy such broad appeal and a presence that is woven into the fabric of the UK culture as well as overseas regulated markets.”
“We have a strong management team in place and are already well placed to set about the creation of a new business with a clear focus on delivering the opportunities the completion of the merger offers us.”
Under the leadership of new group CEO Jim Mullen, Ladbrokes Coral governance will now implement its group synergy and cost saving strategy for 2017.
Updating corporate stakeholders Mullen commented on the new enterprises ambitions “This is a historic day for the Company and one which marks the start of an exciting journey for the business. Both Ladbrokes and Gala Coral have demonstrated their ability to compete hard and win in increasingly competitive markets.
“This will be the attitude of the management team going forward, to compete hard and set about quickly establishing the business while delivering the synergies as quickly as possible. We have a strong management team in place and have worked hard to secure the best talent from across both businesses and externally. We are all excited by the opportunities that lie ahead.”
Further leadership and governance changes will see Carl Leaver Gala Coral CEO, take on the new position of Executive Deputy Chairman for a period of one year.
In its initial merger prospectus, Ladbrokes and Coral governances detailed that the new enterprise would target between £60-70 million in short term cost synergies. UK business news sources have reported that 700 jobs could be at risk following the merger.
Ladbrokes Coral is expected to be headquartered in Stratford (London), with the firms maintaining their Gibraltar operational and customer service offices.