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UK
Casino Times
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News
07 August 2005
Permira Takes 30% Stake In UK
Casino Operator Gala
Candover
and Cinven, the buyout firms, are in talks to sell a 30%
stake in Gala to rival Permira in a deal valuing the bingo
and casino operator at almost £1.9 billion. The talks
are at an advanced stage and, if successful, will mean Gala
will cancel plans for an autumn flotation.
Since signalling the
possibility of a stock-market listing after appointing three
investment banks earlier this year, Gala's two main
shareholders have received a number of approaches from
potential buyers.
An announcement about a
deal with Permira could be made within a month, although
sources warned that the talks could yet break
down.
The deal under discussion
would put an enterprise (including debt) value on Gala of
£1.9 billion.
One insider said: "By
doing this deal, we have got a better price than any of us
thought possible. It also gives us greater
certainty."
The decision to bring a
third investor on board will enable Gala to strengthen its
ability to lead the expected consolidation of the gaming
industry.
Candover and Cinven have
owned Gala since March 2003, when they backed a £1.2
billion management buyout from CSFB Private Equity. They
carried out a refinancing in January when they took out
£275m.
Gala, which is led by
chairman John Kelly and chief executive Neil Goulden, has
166 bingo clubs and 32 casinos. It has 1.2m casino members
and more than 5m bingo members.
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