The parent organization of Mecca Bingo and Grosvenor Casinos, Rank Group, has completed the acquisition of Stride Gaming, a provider of online casinos and bingo games.
Rank Group has now acquired all of Stride’s shares. Rank’s initial proposal in May was valued at approximately $142 million.
The agreement signifies that Stride shares will cease trading on October 7th. Stockholders will receive 151 pence for each share they possess.
Rank’s chief executive, John O’Reilly, stated that this marks a significant milestone for Rank. He emphasized that the transaction will facilitate Rank’s rapid expansion and solidify its position as a leading online gambling enterprise in the United Kingdom.
The primary objective is to ensure a seamless integration of Stride into Rank, unlocking the potential of our expanded digital enterprise.
The agreement was finalized this week following judicial approval. Stride’s proprietors voted in favor of the transaction in July, and the UK Gambling Commission also granted its consent last month.
Rank stated upon initially proposing the merger that the combined entity would generate approximately £185 million in revenue from digital gaming.
Rank also indicated that the deal would facilitate enhancements and cost savings through the adoption of Stride’s specialized technology platform and internal infrastructure.
Rank highlighted additional advantages, including substantial synergies and increased profitability for the merged company, while emphasizing that the addition of Stride’s top talent would bolster their management team.
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