Kindred Group has completed the acquirement of Blankenberge Casino-Kursaal (Blancas NV), which operates Casino Blankenberge in Belgium (pictured).
The agreement was originally made with The Rank Group in October last year but was only completed recently.
The total price of the deal was £25m ($35m) on a cash and debt free basis; the agreement was settled in cash.
The deal will see Kindred Group gain 100% of the shares in Blancas NV from UK-based Rank; Blancas NV is the license holder and operator of Casino Blankenberge.
Blancas NV has been owned by The Rank Group since 1998 and generated revenue of around €10m (£8m) from 2019 to June 2020.
Kindred and Blancas NV have been in partnership since 2012, which allowed Kindred to offer online casino, live casino and poker in Belgium.
This acquisition builds on this long-term relationship and allows Kindred to continue growing in the Belgian market. Kindred will now gain direct access to one of the nine casino licenses in Belgium.
Under the leadership of the current management team led by Dominique De Wilde, Blancas NV will be operated as a separate entity within the Kindred Group.
During last year’s agreement, Blancas NV also renewed its license with the Belgian Gaming Commission and reached a concession agreement with the city of Blankenberge. The agreement that started in 2021 will last for 15 years.