Kindred's £176m offer for 32Red gets the seal of approval

red Group’s cash offer for 32Red Plc assets has become ‘unconditional’ following its acceptance by 32Red majority shareholders.

The offer was granted approval by the Licensing Authority of Gibraltar having met all of the regulatory requirements.

In February, the company announced it had reached an agreement to acquire the smaller UK rival for £175.6m, continuing a surge or merger and acquisition activity across the gaming industry.

The Swedish online gaming company has successfully passed the 50% shareholder acceptance rate needed in order to progress with its acquisition.

Having gained the unconditional offer, 32Red will now move to de-list the company as a London AIM enterprise.

Furthermore, Kindred will initially seek to re-register 32Red as a private limited company before integrating the firm with its current multi-brand portfolio.

The deal marks the first acquisition Kindred has been a part of since the Stan James takeover in 2015. The deal will enhance Kindred’s position in the online casino market in the UK and is consistent with the company’s multi-brand strategy.

Kindred governance aims to integrate all 32Red assets by H1 2017.