An update on Kindred's 32Red deal2017-06-01 13:49:49
In February, Kindred, which operates Unibet, said it had reached an agreement to purchase 32Red for £175.6 million (€206.9 million/$227.2 million).
Last month, Kindred said that the cash offer had been updated to ‘unconditional’ after the bid was accepted by 32Red majority shareholders and also granted approval by the Licensing Authority of Gibraltar.
Kindred also requires the approval of the UKGC in order to finalise the deal and the regulatory body is still considering the proposed acquisition.
However, Kindred said it expects the UKGC to make a decision soon, adding that it expects the ruling to be positive.
“The UKGC's review is progressing and Kindred currently anticipates that the UKGC will make a decision in the near future,” Kindred said.
“Kindred anticipates that the offer will be declared wholly unconditional upon the UKGC making a positive determination."
A little bit about 32Red
32Red invest significantly in UK Horse Racing and are Authorised Betting Partners of British Racing. 32Red sponsor the Arena Racing Company All-Weather Championships since its launch in 2014. This sponsorship sees the 32Red brand associated with over 500 races during the championships. 32Red sponsor the twilight fixtures at Kempton Park Racecourse and in August 2016 they trumpeted their sponsorship of the Haydock Sprint Cup.
32Red is recognised for being one of the strongest and most popular brands in the UK online gaming market, recognised for its first-class online gaming entertainment and its consumer award-winning customer service. Since the Company’s beginnings in 2002, all 32Red operations including marketing, customer support, IT, the organisation of customer accounts and processing of payments have been managed from its offices based in Gibraltar.
32Red are licensed and regulated by the UK Gambling Commission, the Government of Gibraltar and the Italian regulator, AAMS. The Company has been floated on the London Stock Exchange governed Alternative Investment Market (AIM) since 2005. The business is registered on the Alternative Investment Market, a section of the London Stock Exchange, with the code TTR. Being fully licensed means you can be sure that 32Red operates to the most stringent standards and is subject to rigorous and regular checks and audits from our licensing authorities. It also enables them to enjoy some great partnerships which have helped them to become one the UK’s best-known gaming companies.
32Red has an established and respected brand and a fearsome reputation in the online gambling world. This extremely valuable intellectual property has been protected by registration of 32®, 32Red® and 32Red logos and devices in the UK, the European Union and other trademark registries around the world.
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