CMS advises Rank on £115.3m takeover of leading online gambling company

International law firm CMS has advised listed gambling group, The Rank Group Plc, on its £115.3m agreed takeover of online gaming company Stride plc to create the number two player in UK online bingo and number six player in UK online gaming. The takeover is to be implemented by means of a court-sanctioned scheme of arrangement.

The transaction will create one of the largest multi-channel operators in the UK, with genuine scale and capability in the digital market with combined revenues of approximately £185m. The merger is complementary to the companies’ respective strengths, combining Rank’s brands, scale and land-based gaming expertise through Grosvenor Casinos and Mecca Bingo with Stride’s proprietary online gaming platform. The acquisition sees Rank significantly boost its online gaming profile, a key objective in Rank's three year transformation strategy.

Rank’s General Counsel, Luisa Wright, comments: “CMS were able to deliver practical and strategic counsel with a strong gambling sector focus that was crucial to the delivery of this complex transaction. We would like to thank the team for their patience, dedication and responsiveness.”

The CMS team was led by Simon Morgan, and supported by Christian Spelzini, Michelle Davies and Miles Pope (Corporate); David Zeffman, Alasdair Lamb and Tom Simpson (Commercial and Regulatory); Tamsin Blow, Emily Sheard and Laura Cairns (Regulatory); Caroline Hobson, John Markham and John Kontogeorges (Competition); Melanie Lane and Tom Bordell (Employment); Andy Quayle, Cathy Wears and Mala Patel (Share Schemes); Sharon Piert (Pensions) and Oscar Webb (IP).