Casinos sold for $351 million

Thursday, March 7, 2002 | 11:07 a.m.

LONDON -- Legal & General Group Plc and Royal Bank of Scotland Group Plc today said they agreed to buy French casino operator Moliflor Loisirs for more than 400 million euros ($351 million).

The private equity units of the two British companies are buying Moliflor, France's fifth-largest casino operator, from PPM Ventures Ltd., Legal & General said.

The French casino market is the largest in Europe with 170 venues accounting for 2.3 billion euros in gross gaming venues in 2000, Legal & General said. PPM, a unit of Prudential Plc, bought the network of 16 casinos in 1999.

Legal & General Ventures will hold 50.1 percent of the company while Royal Bank Private Equity will own 48.2 percent. Moliflor's management will own the balance.

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