7th Oct 2005 14:38
The information contained herein is not for publication or distribution topersons in the United States of America. Any securities referred to herein havenot been and will not be registered under the U.S. Securities Act of 1933, asamended (the "Securities Act"), and may not be offered or sold withoutregistration thereunder or pursuant to an available exemption therefrom. Anyoffering of securities to be made in the United States would have to be made bymeans of an offering document that would be obtainable from the issuer or itsagents and would contain detailed information about the issuer of thesecurities and its management, as well as financial information. Neither thisdocument nor the information contained herein constitutes an offer to sell orthe solicitation of an offer to buy any securities. These materials do notconstitute an offer of securities for sale in the United States; the securitiesmay not be offered or sold in the United States absent registration or anexemption from registration. No money, securities or other consideration isbeing solicited, and, if sent in response to the information contained herein,will not be accepted.For immediate release 7 October, 2005 Candover backs Gala in ‚£2.18bn acquisition of Coral Eurobet and announces termination of the investment period of the Candover 2001 Fund Candover*, a leading European buyout specialist, today announces it is backingGala, the bingo and casino operator, to acquire bookmaker and internet gamingoperator Coral Eurobet for ‚£2.18bn from Charterhouse. The enlarged group willcreate Europe's pre-eminent integrated gaming company with strong marketpositions in licensed betting offices, bingo and casinos, as well as a highquality multimedia offer.The deal is backed by Candover, Cinven and Permira, joint and equal owners ofGala. Each is increasing its investment in the enlarged company by ‚£275m tohelp finance the acquisition. Debt finance has been provided by Royal Bank ofScotland, Lehman Brothers and Intermediate Capital Group.Following completion of this investment, the Candover 2001 Fund will be morethan 90% drawn down, its investment period will be terminated, and the 2005Fund investment period will commence. The Candover 2005 Fund had a first closein August of this year, with a final close anticipated by the year end.The acquisition will create a company with an enterprise value of ‚£4bn, employa total workforce of 17,000, trade from more than 1,450 outlets and have morethan 2.2 million active customers. The group will be the UK's third largestbookmaker with 1,267 licensed betting offices, the UK's largest bingo operatorwith 167 clubs and a leading operator of casinos with 30 outlets. Coral'sestablished online business, matched with Gala's web-based products, will alsomake the group a significant online operator with strong prospects for furthergrowth.Gala's chief executive, Neil Goulden, and chairman John Kelly, will carry on inthe same posts in the enlarged company. Vaughn Ashdown and Mick Mariscotti,chief executive and CFO respectively of Coral, have agreed to stay on at theenlarged group and will remain on the Board to help to facilitate theintegration of the two companies. Ends * Candover means Candover Investments plc and/or one or more of itssubsidiaries, including Candover Partners Limited as General Partner of theCandover 1994, 1997 and 2001 Funds and Manager of the Candover 2005 FundFor further information please contact:Candover:Marek Gumienny, Managing Director +44 (0) 20 7489 9848Gerard ConwayTulchan CommunicationsJulie Foster / Peter Hewer +44 (0) 20 7353 4200Note to Editors:Candover is a leading provider of equity for large European buyouts. Since itsformation in 1980, it has invested in 124 buyouts worth over ¢â€š¬25.0 billion.Investment in deals by Candover is provided in two forms, from CandoverInvestments plc, a publicly quoted investment trust capitalised at around ¢â€š¬600.0 million, and from funds managed by Candover Partners, a wholly ownedsubsidiary.Candover is currently raising the Candover 2005 Fund which has a target size of¢â€š¬3 billion. A first close at ¢â€š¬2.3 billion was held in August 2005, and bringsCandover's total funds managed since inception to ¢â€š¬7.5 billion to date.The Candover Group has three offices in London, Paris and Dƒ¼sseldorf, and alocal advisor in Madrid. Candover Partners Limited is authorised and regulatedby the Financial Services Authority in the UK.www.candover.comCandover Partners Limited 20 Old Bailey London EC4M 7LN Telephone +44 (0)207489 9848 Fax +44 (0)20 7248 5483e-mail info@candover .com www.candover.com Authorised and regulated by theFinancial Services Authority.ENDCANDOVER INVESTMENTS PLCRelated Shares:
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