Kindred Acquires 32Red for £175.6m
The Kindred Group who amongst others operates Unibet has acquired the Gibraltar based online gaming operator 32Red for £175.6m according to an announcement by the two companies. According to CEO of Kindred Group Henrik Tjärnström the acquisition is consistent with the group multi-brand strategy. 32Red will joining other brands under the Kindred Group that include Unibet, Stan James, Maria Casino and Bingo.com
He went on to say,” 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.”
CEO of 32Red Ed Ware said,” We have consistently and profitably grown 32Red’s market share in the regulated markets of the UK and more recently, Italy. 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.”
The recommended cash offer to acquire the entire share capital of 32Red is valued at 196p per share. 32Red’s directors will recommend that that the “ fair and reasonable” bid be accepted.