Closing trading on Friday, September 20, an official update on the purchase of London AIM-listed, Stride Gaming Plc, was approved by the management of the London Stock Exchange-listed Rank Group Plc.
Updating the deal stakeholders, Rank Governance confirms that its shareholder has approved the acquisition of Stride Gaming for £115 million to meet the requirements of the UK Gambling Commission (UKGC).
Daub Alderney, a Stride Gaming subsidiary, was fined £ 7.1 million in November 2018 by the UKGC, which identified an amount of AML breaches and source-of-fund errors in its evaluation.
‘Stride and Rank are pleased to announce that the UKGC has given notice in writing that it has determined to approve the Offer and, as such, the relevant condition to the Offer has therefore been satisfied.’ – Rank details through a filing with the London Stock Exchange.
This summer, in an attempt to considerably expand its UK digital portfolio, Rank Governance approved an all-cash acquisition of Stride Gaming products, continuing to acquire Lucky Pants, Bingo Extra and Lucky VIP, Regal Wins, Kitty Bingo and Spin&Win brands from the London AIM bingo network.
Updating its schedule, Rank states that Stride’s purchase will commence its ultimate legislative meeting with the Royal Court of Jersey on 2 October, with stakeholders expected to close the transaction by 4 October.
Stride Gaming states that it will cease trading on the London AIM market on 4 October in compliance with its legislative requirements, with the firm cancelling its AIM approval on 7 October.