Rank To Buy Gala Casinos For £179 MillionGrosvenor Casinos Parent Company Expands Its Bricks And Mortar Division |
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Rank Group has agreed to buy Gala Casino for £179 million.
The company, which also owns Grosvenor Casinos in the UK, will buy 19 of the originally proposed 23 casinos as well as three non-operating licenses from Gala Coral. The Competition Commission required the original agreement to purchase 23 casinos to be amended.
The sale is expected to be completed in the second quarter of 2013 subject to Competition Commission approval.
Carl Leaver, Group CEO of Gala Coral said, “This transaction will crystallise significant value for Gala Coral’s shareholders and debt investors.
“I want to recognise the contribution and commitment of the Gala Casino team, who have been operating the business in extremely difficult circumstances”.
The net decrease in Gala Coral’s group EBITDA (earnings before interest, tax, depreciation and amortization) will be £16 million. The company will retain four casinos in Aberdeen, Stockton-on-Tees, Bristol and Cardiff are among those retain by Gala Coral.
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