Caledonia Investments to buy Gala Coral's bingo chain
The deal values Gala Bingo, Britain's largest retail bingo operator, at 241 million pounds ($369.24 million). Gala Bingo operates 130 clubs that have more than 1.1 million active members.
The acquisition will not include Gala Coral's branded online bingo offering, galabingo.com, Caledonia said in a statement on Monday.
The deal will boost Caledonia's unquoted investments portfolio, which includes both minority and majority holdings in private companies. Unquoted investments involve securities that are not listed on an exchange.
Gala Coral Group is owned by a group of private equity companies including Apollo Management and Cerberus Capital Management.
Ladbrokes and Gala Coral sealed an all-share merger deal in July, creating a 2.3 billion pound betting group that will seek to build on its dominance of Britain's high streets to expand its online business.
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