A PYMNTS Company

Australia: Tabcorp and Tatts in talks to create a $9bn gaming giant

 |  October 19, 2016

Two of Australia’s biggest listed gambling businesses, Tabcorp and Tatts, have agreed to merge and create an $11.3 billion giant which will control more than 90 per cent of Australia’s totalisator betting and generate revenues in excess of $5 billion.
The companies’ combined market capitalisation will be around $8.6 billion.

Boards of both companies unanimously agreed to the scrip and cash deal which will effectively give Tabcorp control of the merged business.

However, the deal still needs approval from the Australian Competition and Consumer Commission which has expressed reservations in the past, including blocking a similar proposal in 2006.

The rapid growth of online betting and the influx of offshore gambling operations is one factor that has changed since the original merger plan was scuttled a decade ago.

Full Content: Fortune

Want more news? Subscribe to CPI’s free daily newsletterr for more headlines and updates on antitrust developments around the world.