Kindred Group completes acquisition of Casino Blankeberge

6th April 2021 8:43 am GMT

Stockholm-listed betting and gaming operator Kindred Group has completed the acquisition of Casino Blankeberge in Belgium from Rank Group.

Following an initial agreement last October, Kindred has paid Rank £25m on a cash free and debt free basis to acquire the land-based casino and its associated online gaming licence.

Casino Blankenberge is one of nine land-based casinos operating in Belgium and recently renewed its casino licence with the Belgian Gaming Commission, as well its concession agreement with the city of Blankenberge, for a 15-year period which began in January.

Kindred said that the acquisition will solidify its long-term operations and commitments in Belgium and allow the company to continue to offer its iGaming product to Belgian customers.

The newly acquired business will be operated as a separate entity within the Kindred Group under the leadership of the current management team led by Dominique De Wilde.

Shares in Kindred Group plc (LSE:KIND) were trading 1.46 per cent higher at SEK156.25 per share in Stockholm Tuesday morning, while shares in Rank Group plc (LSE:RNK) were 2.27 per cent higher at 198.40 pence per share in London.

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