The online gambling group GVC has announced it will be buying Ladbrokes Coral for up to US$4billion.

The final decided price depends on the outcome of a review into fixed-odds betting terminals and will be announced in the second half of January according to Reuters.

Kenny Alexander, chief executive of GVC, said in a statement: “The creation of one of the world’s largest listed sports betting companies, combining a portfolio of established brands, proven technology and leading market positions in multiple geographies, is a truly exciting prospect.”

GVC also owns the brands Foxy Bingo, Bwin and Sportingbet.

Written by Leah Alger