Rank Holdings Reported to be Discussing Merger with 888
It has been reported that the casino operator Rank Holdings is in talks with its online rival 888 Holdings about creating a £2 billion gambling group.
Discussions between the two parties are said to be advancing and it is thought that an announcement could be made early this week. If the groups merge it would become the latest of a number of major deals announced in the gambling industry which is looking to consolidate in the face of tougher regulations and higher taxes.
Over the past year Ladbrokes and Gala Coral have held discussions and are awaiting clearance for a £2.3 billion pound deal while Paddy Power and Betfair agreed to join forces in September. Last year 888 agreed to buy Bwin.party but it was dropped in favour of a higher offer from GVC Holdings. So far there has been no comment from Rank Holdings or 888.