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Kindred Group Closes Acquisition of Belgian Casino Operator Blancas NV.

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M2 EQUITYBITES-April 7, 2021-Kindred Group Closes Acquisition of Belgian Casino Operator Blancas NV

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Malta-based online gambling operator Kindred (STO: KIND-SDB) has closed the acquisition of 100% of the shares in Blankenberge Casino-Kursaal (Blancas) NV, which operates Casino Blankeberge in Belgium, from The Rank Group plc (LSE: RNK) at a valuation of GBP 25m (USD 34.56m) on a cash free and debt free basis, the company said.

The acquisition will solidify Kindred's long-term operations and commitments in Belgium and will allow Kindred to continue to offer an attractive broad offering to Belgian customers.

Blancas NV is the license holder and operator of the Blankenberge casino, which is one of the nine land-based casinos operating in Belgium.

The company is owned by The Rank Group plc since 1998 and generated revenues of approximately EUR 10m in the last twelve months leading up to June 2020, with an operating profit of approximately EUR 3m.

Blancas NV has recently renewed its concession agreement with the city of Blankenberge and the new 15-year concession will start in January 2021.

The acquisition price is GBP 25m (USD 32.61m) on a cash free and debt free basis and will be settled in cash upon...

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