LONDON (Alliance News) - Caledonia Investments PLC Monday said it has completed the acquisition of Gala Bingo Holdings Ltd in a deal valuing the business at GBP241.0 million.
Caledonia has purchased the UK's largest retail bingo operator from Gala Coral Group Ltd after the unit was the only one not included in the merger agreed between Gala Coral and London-listed Ladbrokes PLC back in July.
The deal struck by Caledonia will not include the GalaBingo.com online offering, which will be retained by the seller. The deal was originally announced on October 26.
The company has a 38% share of the UK bingo market, opening 130 clubs with more than 1.1 million active members in the UK. For the year to September 26, it posted a GBP33.0 million pretax profit.
Caledonia Monday said the Gambling Commission approved the deal, allowing it to formally complete the transaction, which was partly funded by Caledonia's GBP155.0 million debt facility provided by Intermediate Capital Group PLC.
Caledonia Investment shares were trading down 0.9% to 2,348.55 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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