Says terms of acquisition not yet finalised
Rank says in talks to acquire Gala casinos
2012-01-31
Reading time 35 seg
(UK).- British bingo and casino operator Rank confirmed this week that it is in talks with private equity-owned Gala Coral over the possible acquisition of Gala's casino business. A report in the Sunday Times said Rank, which owns the Grosvenor Casino and Mecca Bingo chains, was in talks to buy the business for up to 250 million pounds (us$ 392 million).
"The terms of any such acquisition have not yet been finalised and there is no certainty that any transaction will occur," Rank said in a statement.
The deal would see Rank, which is 74 percent owned by Malaysian-based gambling group Guoco, merge its 35 Grosvenor Casinos chain with the 24 casinos owned by Gala, making it Britain's biggest operator.
According to reports, talks involving the two companies were at an advanced stage and could be completed in time for Rank’s interim results on 9 February.
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