Tabcorp, CrownBet to settle differences

Tabcorp is close to the finish line of its $11 billion merger with Tatts Group after rival online wagering firm CrownBet dropped its legal opposition to the deal.

Tabcorp said CrownBet, which is majority-owned by James Packer’s Crown Resorts, has agreed not to apply for a judicial review of the Australian Competition Tribunal’s decision last week to approve the merger.

“CrownBet has also agreed not to take any action which would impede the implementation of the transaction,” Tabcorp said in a statement on Thursday.

Tabcorp has agreed to a commercial arrangement with CrownBet under which it will supply a digital stream of racing channels SKY 1 and SKY 2 to CrownBet’s Australian customers via mobile and PC.

The deal received ACT approval two weeks ago, deciding the merger would be beneficial to customers and the racing industry.

Tatts shareholders will vote on the merger on December 12.