Kindred Group completes the acquisition of Rank’s Casino Blankenberge in Belgium
Kindred Group entered into an agreement on 29 October 2020 to acquire 100% of the shares in Blancas NV from The Rank Group Plc. Blancas NV is the license holder and operator of Casino Blankenberge, which is one of the nine land-based casinos operating in Belgium. Blancas NV recently successfully renewed its casino licences with the Belgian Gaming Commission as well as the concession agreement with the city of Blankenberge for a 15-year period which started in January 2021.
The acquisition will solidify Kindred's long-term operations and commitments in Belgium and will allow Kindred to continue to offer an attractive offering to 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 total acquistion price was GBP 25 million (USD 34,5M) on a cash free and debt free basis and has been settled in cash.
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