Tabcorp-Tatts merger gets green light
Australian operators to complete £6.5bn deal in August pending the sale of Tabcorp’s gambling compliance firm
Tabcorp and Tatts have been given the green light by the Australian Competition Tribunal (ACT) to go ahead with their £6.5bn merger.
ACT president John Middleton dismissed concerns raised by the Australian Competition and Consumer Commission (ACCC) and said he was satisfied the proposed merger would result in substantial public benefits.
A full report detailing his reasons for the decision will be published later this week.
The approval means the deal is now expected to be completed in the next two months.
Tabcorp chairman, Paula Dwyer said the merger will “bring together two great Australian businesses, well positioned to invest, innovate and compete in a global gambling entertainment marketplace.”
“Their backing is an endorsement of the extensive benefits that the Transaction offers to our stakeholders,” Dwyer added.
The Tribunal’s authorisation is conditional on Tabcorp selling gambling compliance business Odyssey Gaming Services to address antitrust concerns.