Gala Coral to merge with Ladbrokes
Caledonia Investments Plc of London will buy Gala Bingo, a unit of Gala Coral, for ?241 million (US$369 million), according to Reuters.
Gala Bingo is the largest retail bingo operator in Great Britain, the publication reported, with a total of 130 clubs and 1.1 million active members. Gala Coral will retain its branded online bingo offering, galabingo.com, Caledonia said in a statement.
Gala Coral Group is owned by a coalition of private equity companies including Apollo Management and Cerberus Capital Management. It announced in July it would merge with fellow bookmaker Ladbrokes. The all-share deal resulted in a ?2.3 billion betting giant that dominates UK high streets. The merged companies are also looking to pursue a joint online business.
