Gauselmann Spielbanken Beteiligungs GmbH and NRW.Bank have signed a company purchase agreement for the acquisition and sale of WestSpiel Group.
Shares in the WestSpiel Group were previously held by NRW.Bank, but last year the bank initiated a bidding process.
In the first phase of the tender procedure, interested buyers could apply to participate in the procedure “on the basis of publicly accessible tender documents.”
Based on minimum requirements and suitability criteria, the three most qualified companies were invited to participate in the bidding and negotiation phase.
The three had to submit purchase price offers by 14 June 2021. Gauselmann Group ultimately won this round as it submitted the highest purchase price offer.
It has now been awarded the contract, with both the group and bank signing the company purchased agreement.
The legal and economic completion of the agreement is still subject to merger law approvals, as well as other conditions.
NRW.Bank says it has obtained the consent required for the signing of the agreement, which includes the consent of the Ministry of the Interior.
NRW.Bank said: “The company purchase agreement could be signed after the reliability of the purchaser under the applicable provisions of the Gaming Act had been comprehensively checked.”
With 900 employees and four casinos, the WestSpiel Group currently holds a casino monopoly in the state of North Rhine-Westphalia.
According to the Gaming Act, up to six casinos can be operated in North Rhine-Westphalia.