Blackstone is looking for a majority stake in bingo operator Gala Coral.
Private equity group Blackstone is on the verge of completing a last-minute buyout of bingo firm and bookmaker Gala Coral, it has been claimed.The US company could inject up to £300 million into the gambling operator in return for a majority stake, the Daily Telegraph reports.
A deal with Blackstone would replace the restructuring agreement Gala Coral's current owners, private equity firms Cinven, Permira and Candover, recently made with junior lenders to keep the divisions of the business together.
|
According to the newspaper, any financial agreement at Gala Coral requires "complex negotiation" due to the number of different parties involved in the company, although a decision is expected by Christmas.
Blackstone already holds an investment in the gambling industry, having acquired a minority stake in US casino giant Harrah's Entertainment in January 2008.
Valued at £5 billion at its peak, Gala Coral operates nearly 2,000 betting shops, over 140 bingo clubs and 27 casinos.
Email this page
Print this page
Bookmark with del.icio.us
