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Britain's competition regulator clear Ladbrokes-Coral deal

Reuters
A taxi passes a branch of Ladbrokes in central London, Britain, May 17, 2016. REUTERS/Toby Melville

(Reuters) - Bookmaker Ladbrokes (LAD.L) said Britain's competition regulator had cleared its acquisition of Gala Coral, paving the way to create a betting group that will seek to build on its dominance of Britain's high streets to expand its online business.

The Competition & Markets Authority cleared the deal after approving the sale of 360 shops by the two companies to their rivals, Ladbrokes said in a statement on Wednesday.

The regulator had, in July, asked the two parties to sell around 350 to 400 shop to obtain clearance. The sale was finalised earlier this month for 55.5 million pounds.

Ladbrokes, which sealed its all-share deal with Gala Coral in July last year, said it expected the acquisition to close "in the very near future".

(Reporting by Rahul B in Bengaluru; Editing by Savio D'Souza)