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London-listed gambling operator The Rank Group (Rank) has confirmed completing its take over of online casino and bingo operator Stride Gaming.
In a released statement, Rank said that it now owns the entire issued ordinary share capital of Stride. Rank’s original bid that it lodged in May was worth £115.3m(€129.5m).
“Today marks a significant day for Rank. This acquisition delivers a proprietary technology platform and highly experienced team which will accelerate the transformation of Rank and create one of the UK’s leading online gaming businesses,” commented John O’Reilly, Rank Group chief executive.
“Our focus now turns to ensuring we successfully integrate Stride into Rank and realise the potential of our new enlarged digital business,” added O’Reilly, who leads the Rank Group in undertaking a corporate transformation programme.
Completion of the acquisition comes after a court sanctioned the deal in early October. Stride shareholders voted to back the deal in July, while the GB Gambling Commission also gave its approval to the acquisition in September.
After the original acquisition offer was announced, Rank estimated that the merger would create a business with pro forma digital net gaming revenues of approximately £185m.
