Kindred Group has completed an acquisition of 32Red Plc and will now move to delist 32Red from the London AIM exchange market.
Under the acquisition, Kindred Group acquired 97 percent of 32Red stock. Approved by the UK Gambling Commission, the offer values the Gibraltar-licensed company at GBP 175.6 million.
Kindred announced the acquisition has so far cost £4,6 million, of which £600,000 has included in its first quarter trading update. The acquisition was first announced in February. The remaining costs attached to its deal will be recognized in the firm’s upcoming statements, according to SBC News.
Kindred plans to add 32Red assets directly to its corporate metrics, with an expected amortization of £7-8 million per year over the coming three years, the report said. 32Red has been licensed in Gibraltar since 2002.
In April, Kindred CEO Henrik Tjärnström said the acquisition gave Kindred a top tier UK online casino asset that complements its existing market portfolio of Unibet UK and Stan James sports betting brands.
Kindred, formerly Unibet, is licensed in Malta. The Company’s core markets are in Australia and in Europe and its brands include Unibet, Maria Casino, Bingo.com, StanJames.com, iGame, Hertat, Kolikkopelit, Veikkaushuone, Casinohuone, Bingohuone, Pokerihuone, 24hBet and Bohemia Casino.
