Rank Closes Deal to Buy Gala Coral

Rank Closes Deal to Buy Gala Coral

Written by: ava carson on 14/05/2012 05:55

Rank, a bingo and casino operator settled over the weekend with Gala Coral casino business for £205m. When deal finalizes in September, Rank will become the UK’s leading casino operator.

The deal includes the purchase of 23 UK based casinos, pending the approval by Rank’s shareholders and receipt of UK merger control clearance.

Gala Coral has undergone financial restructuring and has not made a final decision on what they will do with the cash generated from the sale, but expects to “reduce the group’s leverage”.

"This transaction will crystallise significant value for our shareholders and debt investors," said Carl Leaver, chief executive of Gala Coral.

Casinos in Dundee and Gibraltar are excluded from the deal as well as the casino freehold properties and will remain the tenants under Rank’s ownership.

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