The merger will be effected by way of two schemes of arrangement (one between TAB and its shareholders and the other between UNiTAB and its shareholders) and is expected to generate significant benefits for shareholders and stakeholders in both companies and provide new and exciting products, services and facilities for customers, sources say.

On completion, the holding company (UNiTAB) will be approximately three-quarters owned by existing TAB shareholders and one-quarter by existing UNiTAB shareholders.

Partner Andrew Pike, together with Sydney competition law partner Michael Gray and a team of Sydney solicitors including Daniel Krutik, Georgina McDonald and Anthony Hogarth are working on the deal.