Tabcorp ends Odyssey affair as Tatts investors approve of marriage

Australia ASX listed gambling group Tabcorp Holdings has confirmed that it has completed its full divestment of Odyssey Gaming Services (Odyssey).

Updating investors, Tabcorp confirms that it has fully sold its gaming machine and venue solutions supplier to Australian National Hotels Pty Limited, a transaction initially agreed in April 2017.

The divestment of Odyssey is in accordance with merger demands stipulated by the Australian Competition Tribunal’s (ACT) markets review of Tabcorp-Tatts AUS $11 billion merger deal to create the ‘outright Australian gambling leader’.

Due to Tabcorp-Tatts high penetration of gaming machines in Australian leisure venues, Tabcorp governance was commanded to sell its Odyssey division by the Australian Competition and Consumer Commission (ACCC) in H1 2017.

“The divestment of Odyssey was conditional on the proposed combination becoming effective. Both Tabcorp and ANH have waived this condition to allow for the transfer of the business prior to the Christmas period.” Detailed Tabcorp in its corporate statement.

This morning Australian news sources report that Tatts Group investors have unanimously approved the merger of Tabcorp-Tatts, creating a new ASX gambling enterprise.

The new enterprise will be forwarded to the Supreme Court of Victoria for legal approval of the combination with a hearing officially scheduled for Dec. 13, Tatts detailed in its confirmation statement.

Following 14 months of gruelling negotiations, deal reviews and compliance obligations, an under pressure Tabcorp governance may actually deliver on its 2017 investor promise to ‘marry Tatts’… Well better late than never!