Kindred Group Considers Merger or Sale of Business
Kindred Group the online gaming company announced its first quarter results along with an announcement the company is reviewing the possibility of a merger or sale of the business.
The company that operates brands such as 32Red and Unibet reported first quarter revenues up 24.2% compared to the same quarter last year from £246.7 million to £306.4 million.
Quarterly earnings before tax hit £47.3 million a rise of 115% compared to the same period in 2022, however the biggest news was that Kindred are considering options on their business including a sale.
The announcement can be seen below:
The Board of Directors of Kindred Group plc initiates a review of strategic alternatives to maximise shareholder value.
Kindred Group plc (“Kindred” or the “Company”) has assembled a world-class portfolio of online gaming and sports wagering assets in key jurisdictions around the world, and the Board of Directors is focused on maximizing the value of these assets for the Company’s shareholders. Kindred hereby announces that its Board of Directors has unanimously decided to initiate a process to explore strategic alternatives for the Company.
As part of this strategic process, the Board of Directors will consider all potential alternatives that can deliver value for the Company’s shareholders. Such alternatives could include a merger or sale of the Company (in whole or in part) or other possible strategic transactions.
The Board of Directors has retained PJT Partners, Morgan Stanley & Co. International plc and Canaccord Genuity, as financial advisors and to assist in its review of strategic alternatives. White & Case has been appointed as legal advisor in connection with the review process.
The Board of Directors has not set a timetable for completion of its review. There can be no assurance regarding the results or outcome of Kindred’s review of strategic alternatives. Subject to compliance with its ongoing disclosure obligations pursuant to applicable laws and regulations, Kindred undertakes no obligation to make any further announcements regarding the exploration of strategic alternatives unless and until final decisions are made by the Company’s Board of Directors.
