Kindred completes £175m 32RED acquisition

kholm-listed gaming operator Kindred Group has finally announced the completion of its £175m acquisition of 32Red.

Updating the market, Kindred will now acquire 97% of 32Red Plc’s shares, which will also initiate the move to delist from the London AIM exchange market.

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

The offer was classified as ‘unconditional’ following its acceptance by 32Red majority shareholders. Then during the back end of March, Kindred’s offer was granted approval by the Licensing Authority of Gibraltar having met all of the regulatory requirements.

In the group’s Q1 2017 financial report, Kindred CEO Henrik Tjärnström stated that his firm had acquired a top tier casino asset that would complement its existing market portfolio.

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