Kindred Group is acquiring the Rank Group subsidiary that operates Belgium’s Casino Blankenberge, the Unibet operator’s licensing partner for the country’s online market.
The company will acquire 100% of shares in Blankenberge Casino-Kursaal at a valuation of £25 million on a cash and debt-free basis.
“The acquisition will solidify Kindred’s long-term operations and commitments in Belgium and will allow Kindred to continue to offer an attractive broad offering to Belgian customers,” the company said in a press release.
Kindred has partnered with Blancas since 2012, with the country’s online gambling regulations requiring online operators to have a land-based partner.
Kindred said the deal – which is expected to be finalized in the fourth quarter of the year – shows its long-term commitment to the Belgian market. The company will operate the business as a separate entity and retain the current management team lead by Dominique de Wilde.
The casino is one of nine land-based facilities currently operating in Belgium, and has been owned by Rank since 1998. In the 12 months to June 2020, it generated revenue of €10m, and posted an operating profit of €3m.
For Rank, the deal sees it pull out of the Belgian casino market, having shut down operations in the municipality of Middlekerke in 2017. The Grosvenor Casinos operator said in a release that net proceeds would be used to reduce its debt and for general corporate purposes, as well as supporting its focus on transforming its core business.
