The GB Gambling Commission has finally approved the acquisition of Stride Gaming. It is the Rank Group that will purchase online casino and bingo operator.
Rank Group made an offer in May and was ready to purchase Stride Gaming for £115.3m. They are already the operators of Mecca Bingo and Grosvenor Casino, so this acquisition was the expected move on their part.
Still, the approval was needed. Since GB Gambling Commission decided to “bless this union”, Stride and rank will meet for a hearing at the Royal Court of Jersey to finalize the deal on 2 October.
October 3rd is expected to be the final full day of trading for Stride’s shares.
After that, Stride is required to make an application to London’s Alternative Investment Market exchange and if approval is granted, the shares will be removed on October 7th.
The Commission approved this deal after Stride shareholders agreed to sell their shares, with of 96.43% of votes cast backing the transaction.
Rank Group is having some big plans in store. With this acquisition, they plan to establish a powerful business that will make revenues of approximately £185m. They plan to keep Stride’s professionals and integrate them within their own staff to improve the company’s performance.
Although the last few months weren’t kind to them (with a 22% year-on-year drop in operating profit), they are still planning on expanding, predicting large improvement until the end of the year.