Rank given the go ahead to acquire Stride Gaming
The UK Gambling commission have given Rank Group the green light to acquire Stride Gaming, an online bingo and casino operator.
Rank Group who already own Mecca Bingo and Grosvenor Casino put forward an offer to acquire Stride Gaming in May this year for the amount of £115.3 million.
It will now go to the Royal Court of Jersey on the 2nd of October to finalise the deal and if all goes to plan the transaction will be finalised on the 4th of October.
Stride Gamings’ bingo network brands include Spin&Win, Lucky Pants Bingo, Lucky VIP, Kitty Bingo, Regal Wins and Bingo Extra.
Rank Group have stated that the deal would enhance their performance and help to reduce their costs via the migration through Stride’s proprietary technology platform along with their in-house ecosystem and will also boost their management team with addition of senior members of Stride staff.
In addition, Rank have said that the merger would create significant value from strong synergies and offer greater financial flexibility to the combined business.
Stride Gaming were fined £7.1m by the UK Gambling Commission in November 2018 for failing to comply with anti-money laundering and social responsibility regulations. This was double the amount that was expected by Stride Gaming and was the highest fine that has been issued to date.
