Gala says to sell casinos to Rank for 205 mln pounds
LONDON May 12 (Reuters) - Private equity-owned gambling group Gala Coral said on Saturday it will sell its casino business to British bingo and casino operator Rank for 205 million pounds.
At the end of March, Rank said it had ended talks to buy Gala's casino business as the terms of the proposed deal were not beneficial to it.
Rank operates 35 casinos and 103 bingo halls in Britain and the deal would make Rank Britain's biggest casino operator.
Gala said the transaction includes 23 UK casinos and 3 non-operating licences, but excludes casinos in Dundee and Gibraltar and the non-operating licence for the City of Westminster in Central London.
The sale is expected to complete in September 2012, Gala said, and is conditional upon the approval of Rank shareholders and the receipt of UK merger control clearance.
Gala Coral was advised by Deutsche Bank on the disposal.