Online Bingo News - Rank Group Closes Deal With Gala Coral
17th of May 2012 - latestbingoobonuses.com
The owner of Mecca Bingo, Rank Group, has finally closed the deal with Gala Coral purchasing 23 casinos for £205m. As a result of this deal, Rank will become the largest casino operator in the UK as they already own 35 Grosvenor Casinos.
Under the control of Malaysia’s Guoco Group, Rank is currently attempting to obtain licenses to operate three more casinos in addition the existing casinos. Casinos located in Dundee, Gibraltar and the license for a club in central London will remain part of Gala Coral. Discussion to purchase these casinos took place in March but they were unable to reach an agreement. Private equity firms have controlled Gala Coral since the 2010 reorganization of their debts.
In a statement Carl Leaver, chief executive of Gala Coral, said, "Under Rank's ownership I am sure that the business will continue to go from strength to strength."
"This transaction will crystallise significant value for our shareholders and debt investors."
In order to finalize, the deal requires approval from shareholders and competition regulators.
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