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British gambling firm GVC seals deal to take over Ladbrokes

Reuters - UK Focus

Dec (Shanghai: 600875.SS - news) 22 (Reuters) - Britain's online gambling firm GVC said on Friday it had agreed to buy British bookmaker Ladbrokes Coral (LSE: LAD.L - news) for up to 4 billion pounds ($5.35 billion).

GVC, the owner of the Sportingbet, Bwin and Foxy Bingo brands, said it would pay 32.7 pence in cash and 0.141 new GVC share for each Ladbrokes (Amsterdam: LB6.AS - news) share.

The final price GVC pays depends on the outcome of this review into fixed-odds betting terminals (FOBTs), which are big moneyspinners for companies like Ladbrokes but have come under fire for leaving gamblers with very heavy losses.

GVC had announced this month it was in talks with betting shop operator Ladbrokes about a possible cash-and-shares takeover to create a gambling giant that is expected to be big enough to enter the UK's FTSE 100 index.

($1 = 0.7474 pounds) (Reporting by Rahul B in Bengaluru; Editing by Edmund Blair)