4th Oct 2019 10:53
(Alliance News) - Gambling firm Rank Group PLC on Friday said it has completed the acquisition of London-listed peer Stride Gaming PLC, whose shares have now been temporarily suspended.
In May, FTSE 250-lised Rank had made a 151 pence per share offer, valuing Stride at GBP115.3 million.
Rank Chief Executive John O'Reilly said: "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. Our focus now turns to ensuring we successfully integrate Stride into Rank and realise the potential of our new enlarged digital business."
Stride shares have been temporarily suspended and the company said its shares will be cancelled from trading on AIM on Monday.
The confirmation comes in the wake of FTSE 100-listed bookmaker Flutter Entertainment PLC announcing it has agreed an all-share acquisition of The Stars Group Inc, a Canadian online gambling firm which owns online betting giant Sky Betting & Gaming.
Rank shares were flat at 195.00 pence each in London on Friday.
By Eric Cunha; [email protected]
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