Australia’s Tabcorp agreed Wednesday to acquire long-time rival Tatts Group in a AUD$6.4bn deal that will create an Australian gaming powerhouse with annual revenue of more than $5bn.

A combination between Tabcorp and Tatts has long been mooted, with the two companies holding numerous discussions over the past ten years, mostly recently last November when merger talks broke down.

With a market capitalisation of $8.6bn, the proposed transaction will see the two companies combine to form a diversified gambling entertainment group, with a diverse suite of product offerings across wagering, media, lottery, keno and gaming services.

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