Casinos group Rank has confirmed speculation that it is in talks with Gala Coral about the potential acquisition of Gala's casino business.
Gala Casinos is the third largest casinos business in the UK and has a market share of around 17%. Press reports estimate that the acquisition could be worth up to £250m.
Rank, which already owns the Mecca Bingo and Grosvenor Casinos in Great Britain - as well as other Bingo clubs in Spain - is expected to become the largest casinos operator in Britain if it pulls off the deal with Gala.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The terms of any such acquisition have not yet been finalised and there is no certainty that any transaction will occur," Rank said.
BC
-
Buying a property is cheaper than renting again – how much could you save?News Zoopla research shows it is now 8% cheaper to buy than rent. We reveal the places where you can save more by getting on the property ladder.
-
Is now a good time to invest in India?Should you invest in India? Its market has stood out of the emerging market pack, helped by a growing pool of domestic investors.
