UKGC green-lights Rank takeover of Stride
London-listed operator to complete acquisition by 4 October
Rank Group has received the go-ahead from the Gambling Commission to proceed with its £115m acquisition of Stride Gaming, the operator has announced.
On Friday, the London-listed operator confirmed receipt of written authorisation from the UKGC to proceed with the acquisition.
Final approval for the takeover will be decided in a hearing taking place at the Royal Court of Jersey on 2 October. Pending a successful hearing, Rank said it expects to conclude the transaction by 4 October.
As part of the transaction, Stride has made an application to cease trading on the LSE’s alternative investment market (AIM) with effect from 4 October. The cancellation of Stride’s listing will take effect from 8am on 7 October.
Rank Group initially agreed the £115m all-cash deal to acquire Stride Gaming in May, seeking to enlarge its digital portfolio. As part of the move, Rank will migrate all its digital assets to Stride’s proprietary technology platform.
Rank Group’s share price was down by 2% in late trading on Friday.