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. Last Updated: 07/27/2016

Ladbroke Sells Coral

LONDON -- Britain's Ladbroke Group PLC declared Morgan Grenfell the winner of a two-horse race for its Coral betting shops Tuesday.

Ladbroke agreed to sell the 827-strong Coral chain to a firm backed by Morgan Grenfell Private Equity Ltd., the London-based venture capital arm of Deutsche Morgan Grenfell, for pounds 390 million ($655.8 million) beating out rival venture fund Cinven at the last hurdle.

The sale, forced by the British government on monopolies grounds, fetched nearly pounds 30 million more than Ladbroke paid for the whole Coral group a year ago.