Acquisition of Gala Bingo completed by Caledonia Investments

21st Dec 2015 08:23

(ShareCast News) - Caledonia Investments' £241m acquisition of Gala Bingo has been completed after it was approved by the Gambling Commission.It follows the announcement of the deal in October, with Caledonia investing £92.3m in cash for 98.9% of Gala Bingo's equity.It's a slight variance from the amounts announced, due to closing balance sheet adjustments and a higher equity subscription from the management team.The balance of the acquisition cost was funded by a £155m senior debt facility provided by Intermediate Capital Group.