Online gambling company Kindred Group has agreed to acquire Belgium-based Blancas Casino-Kursaal from the Rank Group for GBP 25.00 million on a cash- and debt-free basis.
Pending regulatory approvals, the deal is due to complete in the fourth quarter of 2020.
Upon closing, the target will remain a separate entity within Kindred under its current management team led by Dominique De Wilde.
Blancas is the license holder and operator of Casino Blankenberge, one of the nine land-based casinos active in Belgium.
During the 12 months ended 31st May 2020, the company generated revenue of around EUR 10.00 million, as well as an operating profit of EUR 3.00 million.
Blancas recently renewed its concession agreement with the city of Blankenberge and the new 15-year permit will start in January 2021.
Through the acquisition, Kindred will gain access to one of the nine casino licences in Belgium, allowing the company to broaden its services for customers.
Furthermore, the transaction is in line with the buyer’s long-term operations and commitments in the country.
Kindred has been in a commercial partnership with Blancas since 2012, which allows the acquiror to offer online casino, live casino and poker services to Belgian customers under the Unibet brand.
Headquartered in Malta, the purchaser claims to be of one the world’s largest online gambling companies.
Kindred has 25.00 million customers globally and operates across Europe, Australia and the US.
For the six months ended 30th June 2020, the group posted revenue of GBP 484.80 million, up 7.6 per cent from GBP 450.60 million in the corresponding period of 2019.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 38 deals targeting casino operators announced worldwide in 2020 to date.
In the most valuable of these, US-based Caesars Entertainment announced plans to raise USD 1.74 billion through a public offering.
© Zephus Ltd