March 8, 2017 / 10:23 PM / 4 months ago

Tabcorp to sell state gaming machine unit to ease concerns over Tatts deal

1 Min Read

SYDNEY, March 9 (Reuters) - Tabcorp Holdings plans to sell its Queensland electronic gaming machine monitoring business to address competition concerns over its proposed A$6.4 billion ($4.9 billion) takeover of rival Tatts Group, Australia's competition regulator said on Thursday.

The Australian Competition and Consumer Commission (ACCC) said its preliminary view on the deal was that it was "likely to substantially lessen competition" in Queensland state.

Tabcorp in October agreed to acquire rival Tatts Group to form a gambling powerhouse in an effort to fend off a growing challenge from overseas online rivals.

Reporting by Jamie Freed; Editing by Leslie Adler

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