Rank Group is to buy 19 casinos from Gala Coral Group for £179m in a revised deal that would make it the largest casino operator in Britain.
Rank wanted to buy 23 casinos and three additional licences for casinos from Gala last year, but the deal fell through when the Competition Commission objected.
The revised agreement excludes Gala Coral's casinos in Aberdeen, Bristol, Cardiff, Stockton-on-Tees and Gibraltar, licences for the City of Westminster and Dundee and its branded online casino activities, Rank said.
The company said the deal, which is expected to complete in the second quarter of 2013, was expected to be earnings enhancing in the first full financial year.
