London-listed gambling operator The Rank Group (Rank) has confirmed this morning that it has successfully completed its take over of online gambling group Stride Gaming.
Confirmed in a statement, Rank will now hold the entire issued ordinary share capital of Stride, which was valued at £115.3m in May of this year.
John O’Reilly, Rank Chief Executive, commented on the announcement: “Today marks a significant day for Rank,” he said. “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.”
Rank’s pursuit of Stride comes as the UK gambling group undertakes a ‘corporate transformation programme’ led by O’Reilly. The takeover cleared the regulatory hurdles set out by the UK Gambling Commission in September, giving the green light for the takeover to go ahead.
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.
After the original acquisition offer was announced, Rank estimated that the merger would create a business with pro forma digital net gaming revenues of approximately £185m.