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Tabcorp and Tatts to merge

Tabcorp and Tatts to merge

Andrew Walker

Two firms have advised on the merger agreement between Tabcorp Holdings Limited and Tatts Group Limited.

Firms: Clayton Utz (Tatts Group Limited); Herbert Smith Freehills (Tabcorp Holdings Limited)

Deal: Tabcorp Holdings Limited (Tabcorp) and Tatts Group Limited (Tatts) have announced the companies have entered into a merger implementation deed.

Value: $11.3 billion

Area: M&A

Key players: The team advising Tatts was led by Clayton Utz corporate partner Andrew Walker (pictured), with assistance from partner Michael Corrigan, special counsel Mihkel Wilding and lawyers Sam Morrissy and Nina Janic.

Deal significance: The merger between Tabcorp and Tatts will create a diversified gambling entertainment group, with a pro forma enterprise value of approximately $11.3 billion, across wagering, media, lotteries, Keno and gaming services.

The transaction will see Tatts shareholders receive 0.80 Tabcorp shares plus 42.5 cents cash for each Tatts share held.

The combining of the two companies is anticipated to provide a wide range of benefits for stakeholders and result in at least $50 million per annum of additional funding for the Australian racing industry.

The merger is set to deliver at least $130 million of annual EBITDA synergies and business improvements.

The completion of the merger is expected mid-2017, following Tatts' shareholder and regulatory approvals, with the transaction unanimously recommended by the boards of Tabcorp and Tatts.


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