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Gala Coral Sells For GBP 205 Million

Online betting firm Gala Coral has announced that it has been acquired by the Rank Group plc for £205 million.

The Reuters news agency has reported that the deal will make Rank, Britain's largest land casino operator. Rank now controls 23 different UK casinos and holds 3 non-operating licenses.

The two companies have been negotiating some time, although talks were abandoned after Rank originally had said that the terms of the deal were not mutually beneficial. However the two firms came together last week to begin negotiating again and a deal was completed shortly thereafter.

Gala Coral CEO Carl Leaver commented on the deal, saying: "This transaction will crystallize significant value for our shareholders and debt investors."

The deal is expected to be completed in September and will be conditional on Rank shareholders approving the deal.

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