Ladbrokes and Gala Coral have finalised agreements to sell off a portion of their combined retail estate in order to satisfy competition concerns and complete their pending merger.

The companies have agreed to sell a total of 359 licensed betting offices in the UK, having been told by the Competition and Markets Authority (CMA) to divest between 350 and 400 shops in order to conclude their merger.

Betfred is the main beneficiary of the sale, acquiring 322 shops via its holding company Done Brothers (Cash Betting) for a cash consideration of £55m, while Stan James will purchase 37 venues for £0.5m in cash. The total £55.5m consideration will be used to pay down the combined Ladbrokes Coral debt.

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