Gala Coral denies OpCapita retail bid

galacoralGala Coral management has moved to dismiss reports that it has held acquisition talks with international private equity firm OpCapita, over the sale of its Gala retail business unit.

Last week UK business news sources reports that OpCapita had submitted an undisclosed bid for Gala Retail gambling division, a business unit that Gala Coral has considered selling in the past.

Gala Coral management have denied that any talks took place between the two parties, as the firm issued the following statement – “Gala Coral can confirm that there are currently no discussions taking place with OpCapita. The process is ongoing and a dialogue is taking place with a number of interested parties.”

Rumours of the potential sale of Gala’s retail divisions, follows December 2014 announcement that Gala Coral had sold 47 Gala bingo UK properties to private equity firm M&G Investments for a deal estimated to be worth £173 million.

The takeover deal with M&G Investments saw Gala Coral shed 40% of its retail bingo properties, with the private equity firm gaining twelve UK heritage listed properties.

Gala Coral has continued to work with financial advisor Lazard as strategic consultant for the potential sale of its existing retail business units.

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