Kindred has entered into an agreement to acquire Blankenberge Casino-Kursaal (Blancas) NV from The Rank Group.
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 since 1998.
The acquisition price is GBP 25 million on a cash free and debt free basis and will be settled in cash upon completion.
The acquisition demonstrates Kindred’s long-term commitment towards the Belgian market and gives Kindred direct access to one of the nine casino licenses, which allows Kindred to continue to offer a broad offering to its Belgian customers. Blancas NV will be operated as a separate entity within the Kindred Group under the leadership of the current management team led by Dominique De Wilde.
The acquisition is subject to customary regulatory approvals and is expected to be completed in Q4 2020.