LAWFUEL – Law News, Law Jobs Network – Rank Group, the international gaming and leisure group, announced yesterday that it has reached an agreement with Seminole Hard Rock Entertainment Inc, a wholly owned subsidiary of the Seminole native American Indian tribe of Florida, to sell the Hard Rock restaurant, hotel and casino business for a total consideration of $965m (£490m). Following this transaction, Rank intends to return $350m to shareholders through payment of a special dividend and to effect a share consolidation.
This transaction completes the transformation of Rank from a diversified leisure group into a focused gaming business. It is also the first major purchase of an international company by a native American Indian tribe. The disposal is expected to complete on 5 March 2007.
The Freshfields team was led by corporate partner Martin Taylor with corporate associate Michael Hilton.