Self-managed investment trust company Caledonia Investments has completed its acquisition of the Gala Bingo retail division of Gala Coral.
Caledonia in October said it had agreed a deal to take ownership of all 130 Gala Bingo clubs in the UK for a consideration of £241 million (€328.8 million/$358.9 million).
Caledonia also struck a licence agreement that will allow the clubs to continue to trade under the ‘Gala’ brand, while Gala Coral will retain the Galabingo.com and Galacasino.com websites.
The purchase was conditional on change of control approval by the UK Gambling Commission, which Caledonia confirmed has now been granted.
Caledonia has invested £92.3 million in cash for 98.9% of Gala Bingo’s equity, a slight variance from the amounts previously announced due to closing balance sheet adjustments and a higher equity subscription from the management team.
The balance of the acquisition costs has been funded by a £155m senior debt facility provided by Intermediate Capital Group.
source : www.igamingbusiness.com
