|GALA, the online casino and bingo company, is swooping to buy Coral, the UK bookmaker for an estimated £2billion. GALA who have recently bought into venture capitalist firm, Permira, is believed to be in negotiations with Coral. |
The Coral Group have been considering floating the company on the stock-market and the news has interested a number of parties. Gala could find itself drawn into a bidding auction as other companies look over the prospect.
Gala currently owns around 200 bingo and casino establishments, as well as running an online casino operation, whilst Coral runs over a thousand betting shops and has online operations as well.
If Gala were to succeed in its takeover bid there is little doubt that the group would float itself within the next two years, this follows on from Gala’s aborted attempt to float earlier this year,