GVC to Buy U.K. Bookmaker Ladbrokes for Up to $5.4 Billion

GVC Holdings Plc agreed to buy U.K. bookmaker Ladbrokes Coral Group Plc for as much as 4 billion pounds ($5.4 billion) as gambling companies seek greater scale in a business that’s shifting online.

Investors will receive as much as 207.2 pence for every Ladbrokes share, the companies said in statements Dec. 22. That would be 19 percent higher than the Dec. 21 closing price.

A combination of GVC, which owns online gambling platforms including Partypoker and Sportingbet, and betting-shop operator Ladbrokes Coral could spark even more consolidation in the sector. Ladbrokes Coral, whose traditional betting shops in the U.K.’s town ...