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Bingo operator sold

Monday, Feb. 10, 2003 | 9:47 a.m.

LONDON -- Candover Investments Plc and Cinven Ltd., U.K buyout firms that raised a combined $7.7 billion for European takeovers last year, teamed to buy the Gala Group Ltd. bingo chain for 1.24 billion pounds ($2.02 billion).

London-based Candover and Cinven are buying the operator of 166 bingo clubs and 28 casinos from rivals CSFB Private Equity, a unit of Credit Suisse First Boston, and PPM Ventures Ltd., part of insurer Prudential Plc, Candover said in a Regulatory News Service statement.

The buyers expect Gala's revenue, which rose 17 percent to 433 million pounds in the 12 months to Sept. 28, will continue to grow as the U.K. government eases regulation on the betting industry, allowing longer opening hours and new products.

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