Closing trading on Friday 20 September, the governance of London Stock Exchange-listed Rank Group Plc sanctioned a formal update on the firm’s acquisition of London AIM-listed Stride Gaming Plc.
Updating deal stakeholders, Rank governance confirms that its shareholder approved £115 million acquisition of Stride Gaming has met the requisites of the UK Gambling Commission (UKGC).
In November 2018, Daub Alderney a subsidiary of Stride Gaming had been fined £7.1 million by the UKGC, who in its review highlighted a number of AML breaches and source-of-fund failures.
‘Stride and Rank are pleased to announce that the UKGC has given notice in writing that it has determined to approve the Offer and, as such, the relevant condition to the Offer has therefore been satisfied.’ – Rank details through a filing with the London Stock Exchange.
Seeking to significantly enlarge its UK digital portfolio, this summer Rank governance sanctioned an all-cash purchase of Stride Gaming assets, moving to acquire the London AIM bingo network’s brands of Kitty Bingo, Lucky Pants, Bingo Extra and Lucky VIP, Regal Wins and Spin&Win.
Updating its timetable, Rank confirms that the acquisition of Stride will undertake its final regulatory hearing with the Royal Court of Jersey, on 2 October, with deal stakeholders anticipating to conclude the transaction by 4 October.
Satisfying its regulatory requisites, Stride Gaming confirms that it will cease trading on the London AIM exchange on 4 October, with the company cancelling its AIM admission outright on 7 October.