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Spreadex reaches agreement with competition watchdog
(Sharecast News) - Spreadex looked set to offload Sporting Index, it was confirmed on Friday, after the competition watchdog ruled the 2023 takeover had created a monopoly. Spreadex acquired the rival spread betting firm from French lottery operator FDJ for an undisclosed sum.
The Competitions and Markets Authority reviewed the deal at the time, and ruled it would likely substantially lessen competition in the UK's online sports spreading betting market.
Spreadex appealed its findings to the Competition Appeal Tribunal, which in turn referred the decision back to CMA for reconsideration earlier this year.
However, last month the CMA said it had obtained further evidence, which had led it to conclude a monopoly had been created.
As a result, it said Spreadex needed to either agree to offload the business, or it would impose an order requiring its sale to a CMA-approved buyer, and on Friday the watchdog confirmed: "The CMA has reached agreement with Spreadex, Spreadex.com and Sporting Index as to the terms of final undertakings."
No specific details were provided.
However, in a statement sent to Reuters, Spreadex insisted it would continue to "review all available options", and reiterated that it "strongly disagrees with this entirely disproportionate decision".
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