The £2.7bn merger between Ladbrokes and Gala Coral will create Britain's biggest bookmaker Getty Images

The Competition and Markets Authority (CMA) has given the green light to the proposed merger between Ladbrokes and Gala Coral.

In a statement released on Wednesday afternoon (26 October), FTSE 250-listed Ladbrokes said the £2.7bn (€3bn) merger would be completed "in the very near future", after the competition regulator gave its final approval.

Last week, the two bookmakers agreed to sell a combined 359 stores to rival firms for £55.5m, after earlier this year the regulator had stated the two firms would have to sell approximately 400 stores in order for their merger to go ahead.

Ladbrokes disposal of 322 shops to Betfred, 37 to Stan James and one to Bet21 received the green light by the regulator, meaning the final hurdle before completing the deal has now been cleared.

"I am delighted that the CMA has given approval to our merger with Coral," said Ladbrokes chief executive Jim Mullen. "Both businesses are approaching the merger with good momentum and we are now focusing on completing the merger and delivering on the opportunities it offers."

Mullen added that Ladbrokes will publish a prospectus in relation to the readmission of the enlarged group.

The merger will create Britain's largest bookmaking firm, overtaking William Hill as the UK's biggest high-street bookmaker.

Ladbrokes operates approximately 2,200 site across Britain and Northern Ireland, while Coral runs 1,850 shops in Britain, making them the second and third-biggest bookmakers in the country respectively.