Kindred Group has completed the earlier disclosed £25 million ($34.6 million) purchase of Casino Blankenberge.
The online gaming operator signed an agreement with The Rank Group to acquire 100% of the shares in Blankenberge Casino-Kursaal NV, the license holder of Casino Blankenberge.
Moreover, Blancas NV recently renewed its casino licenses with the Belgian Gaming Commission and also a concession agreement with the city of Blankenberge. It is for a 15-year term effective January 1, 2021.
The £25 million total is on a cash-free and debt-free basis, according to Rank. It says the proceeds will “promote the group’s liquidity and future initiatives obtained from its Transformation 2.0 program.”
Kindred said in a statement, “The acquisition would solidify Kindred’s long-term practices and obligations in Belgium. It will allow Kindred to provide an attractive service to Belgian customers.”
“Blancas NV will act as a separate organization within the Kindred Group, headed by the current management team.
“The net acquisition price of £25 million was paid in cash.”