Kindred (Unibet) to acquire 32Red for £176 million

The Kindred Group (previously known as Unibet) has made an offer  and been accepted to purchase the whole stock of gambling operator 32Red, the offer of £1.96p per share which offers a 16% premium per share values the company at £176 million.

It is now to go to the shareholders for a vote which has been advised by Numis to accept the offer. It is almost certain to be accepted and will see the Gibraltar based online gaming company receive a second interim dividend payment of 4p per share.

With Kindred already purchasing Stan James online in 2015 the company is now one of the leading online gaming companies in Europe and with the acquisition of 32Red should it be agreed will push Kindred to become a major global player in the online gambling sector.

“We have consistently and profitably grown 32Red’s market share in the regulated markets of the UK and more recently, Italy,” 32Red chief executive Ed Ware said.

“The management team at Kindred have a similar business philosophy to our own and we look forward to joining forces with Kindred and continuing our successful growth within the Kindred Group.”

Kindred chief executive Henrik Tjärnström added: “The acquisition of 32Red is consistent with our multi-brand strategy and stated desire to grow our business in regulated and soon to be regulated markets. 32Red is a high quality, customer-focused business with a similar culture to Kindred’s and we are delighted to welcome 32Red and its team into the Kindred Group and look forward to further developing the brand going forward.”