Gala Coral and Rank Group finally reached an agreement concerning the acquisition of Rank Group of Gala Group. This news has come as a normal result of the prior news that stated that both companies have once again sat at the negotiating table and that they are re-considering the terms and conditions of the deal.
Rank Group closed the deal by agreeing to pay 205 million GBP. Rank Group made an announcement that it’s backing up from the deal a few months back and stated that it had left the negotiations because of the terms and conditions of the deal that Gala Coral proposed weren’t beneficial enough. It seems that when they went back to the negotiation tables, these differences in opinions got resolved.
This deal is estimated to be completed and done with later this year, around September. As announced by a spokesman from Gala Cora who stated that it is based upon the receipt of the United Kingdom’s clearance for merger control and the approval of the shareholders of Rank Group.
This deal would make Rank Group one of the biggest if not the absolute biggest gambling operator in Britain. This deal would make Rank Group the owner of 23 different casinos in the United Kingdom and three licenses, non-operating ones. This deal however doesn’t include the casinos in Gibraltar and Dundee. These casinos that are included in the deal had total revenues of 125.9 million GBP, before taxes and interest. It also had an amortization of 25.7 million GBP.