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Kindred Group completes the acquisition of Blancas NV

1 Apr 2021

(PRESS RELEASE) -- Kindred Group has on 1 April 2021 completed the previously announced acquisition of 100% of the shares in Blankenberge Casino-Kursaal (Blancas) NV, which operates Casino Blankeberge in Belgium, from the Rank Group Plc.

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 on a cash free and debt free basis and has been settled in cash.
 
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