Tabcorp has finalized the sale of its Odyssey gaming services branch, and Tatts Group investors have given their consent to the proposed combination of the two organizations.
Tabcorp agreed to dispose of its Odyssey operations to address concerns from the Australian Competition Tribunal (ACT) regarding competition levels within the nation if the merger went forward. Last month, the ACT determined that the deal could proceed, but only on the condition that Tabcorp sell its Odyssey gaming division. The Australian Competition and Consumer Commission (ACCC) has authorized the sale of Odyssey to National Hotels Australia, enabling Tabcorp and Tatts to advance to the subsequent stage of the merger process. National Hotels Australia (a subsidiary of the Federal Group) has acquired the division, a transaction that was a crucial component of the Tabcorp-Tatts merger. The two companies have agreed to unite, creating a combined entity valued at approximately A$11 billion (€7.08 billion/$8.33 billion).
Tatts Group investors have approved the proposed merger between the two companies.
In the meantime, Tatt’s investors have given the green light to Tabcorp’s offer to buy all of the company’s outstanding shares in a plan of arrangement.
At a recent gathering of shareholders, 95.55% of Tatt’s investors were present and listened to the details of the proposed deal, with 98.64% of those voting in favor of the combination.
Tatt has filed a request with the Supreme Court of Victoria to approve the arrangement, with a hearing scheduled for tomorrow (Wednesday) and a verdict anticipated on the same day.
The two businesses anticipate the merger to be finalized on December 22nd.
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