CEO Nick Harding said, 'This is a transformational deal for Praesepe as we continue to deliver our strategy. Beacon Entertainments gives us greater scale in our AGC [adult gaming centres] business, which will help deliver shareholder value, and takes us into the mainstream bingo sector, which we believe is poised for growth.

'Taking on the debt previously held by Beacon also transforms our capital structure and gives us a flexible platform for growth.'

Praesepe expects to announce its results for the year to December 2009 on April 30.

Story provided by Business Financial Newswire