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NEWS 14 May 2012

Rank announce Gala deal

Rank Group have confirmed their acquisition of Gala Casinos from Gala Coral group, around six weeks after initial talks between the firms broke down.

Operators Rank have announced a conditional agreement to purchase the casino chain for a total cash consideration of £205m. The acquisition includes 23 casinos in Great Britain plus three non-operating licences.

Discussions between the companies were first confirmed on 30 January but ceased in late March, with both parties stating that the deal was not in the best interests of their respective shareholders.

Rank chief executive Ian Burke said: “We are delighted to have agreed terms with Gala Coral. This acquisition will deliver a step change in Rank‘s earnings by capitalising on our proven record of operational excellence in the British casino sector and will be earnings enhancing in the first full year of ownership.

“By rolling out the G Casino format into the Gala estate and expanding the Grosvenor Casino brand into 11 new cities, we will accelerate the growing awareness of the brand and support the development of a multi-channel gaming business.”
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