Casino and gaming operator Rank Group has agreed to buy Stride Gaming for $145 million to expand into the UK’s online gaming market.
Directors of Stride, whose brands include Regal Wins, Magical Vegas and Spin and Win, unanimously recommended shareholders vote in favor of the deal, Reuters reported.
Rank said the acquisition is expected to deliver at least 13 million pounds of pretax recurring annual cost savings within the third year after the deal closes.
Rank operates UK digital businesses out of offices in Gibraltar, Maidenhead and Sheffield, while Stride has offices in London, the Channel Islands, Mauritius, South Africa and Israel.
Rank will fund he cash deal through new debt and has reached an agreement with NatWest Bank for a 128.1 million pound loan to finance the offer, Reuters said.
“Stride will provide Rank with an engine for digital growth,” Rank said in a press release.
