UK’s Rank to Buy Stride

Sun, Jun 9, 2019

Casino and gaming operator Rank Group has agreed to buy Stride Gaming for $145 million to expand into the UK’s online gaming market. The bid, which Rank said would create the number two player in UK online bingo, is valued at 151 pence per share and would represent a 28 percent premium to Stride’s closing price at the time the deal was announced, according to Reuters.

UK’s Rank to Buy Stride

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.

**GGBNews.com is part of the Clarion Events Group of companies (Clarion). We take your privacy seriously. By registering for this newsletter we wish to use your information on the basis of our legitimate interests to keep in contact with you about other relevant events, products and services which may be of interest to you. We will only ever use the information we collect or receive about you in accordance with our Privacy Policy. You may manage your preferences or unsubscribe at any time using the link in our emails.