Kindred Group completes £25m acquisition of Blancas NV

By Peter Lynch

Kindred Group has completed the previously announced acquisition of Casino Blankenberge from The Rank Group Plc for £25m ($34.6m).

The online gambling operator signed an agreement with The Rank Group on 29 October 2020 to acquire 100% of the shares in Blankenberge Casino-Kursaal (Blancas) NV, the licence holder of Casino Blankenberge. The facility is one of the nine land-based casinos operating in Belgium.

Blancas NV recently successfully renewed its casino licences with the Belgian Gaming Commission, as well as the concession agreement with the city of Blankenberge for a 15-year period which started in January 2021.

The £25m total is on a cash-free and debt-free basis, with Rank saying the sale proceeds will “support the group's liquidity and future initiatives derived from its Transformation 2.0 programme.”

A statement from Kindred read: “The acquisition will solidify Kindred’s long-term operations and commitments in Belgium and will allow Kindred to continue to offer an attractive offering to Belgian customers.

“Blancas NV will be operated as a separate entity within the Kindred Group under the leadership of the current management team led by Dominique De Wilde.

“The total acquisition price was £25m on a cash-free and debt-free basis and has been settled in cash.”


NEWS SPONSOR

More News

Gaming analyst Willem van Oort believes Belgian operators are in a strong position to capitalise on the Netherlands' new regulated online gaming market.   Looking set to launch in October after an endless...





The 4Stop team speaks exclusively to Gambling Insider about the past, present and future of KYC – and how this has been affected by the ongoing pandemic. How has the Covid-19 pandemic affected...