Is Gala Bingo owner company about to change hands?
Sunday, 27 December 2009 | Written by Rachel Collins
Is another change of ownership about to hit the online bingo industry before year’s end? Recent news indicates that American investment house Apollo has made an offer to take over Gala Coral, operators of Gala Bingo.
Gala Bingo owner Company has been in the news recently as the company is struggling a huge £2.6billion debt. It was recently published that a debt-restructuring process was on the way with Gala Coral’s lenders, and in addition, the Blackstone group was also bidding over control of the company.
Recent offer from Apollo includes £250million cash in return to 50% of Gala Coral, meaning that Apollo will gain control over the company. The American investment house has considerable experience in dealing with debt ridden companies.
Following recent news of Wink Bingo bought by 888 holdings for nearly £60million, in order to enhance their online bingo market share already obtained by 888 Ladies, and the huge Party group (owners of Party Bingo) acquisition of Cashcade, owners of Foxy Bingo among others, 2009 could be a year that completely changes the face of the online bingo industry, with ownership of many key players in the market switching hands.
Should the Gala Bingo owner company takeover take place, it is very likely be before the end of the year. What needs to be said is that the Gala Bingo site shows no signs of the struggles the talked about at the parent company, and it continues to perform and offer many online bingo promotion and aquires new members every day.
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