Kindred to acquire 32RedTuesday, Mar 14, 2017 14:31
The group which owns the StanJames gaming brand has agreed to a multi-million-pound takeover deal of the online casino operator 32Red.
Kindred is one of the largest online gaming and sports betting companies in the world. The 32Red deal is believed to be in the region of £175m. For this amount, Kindred will acquire 32Red with the acquisition being recommended to its shareholders.
32Red boss Ed Ware commented, '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.'
Henrik Tjärnström of Kindred added: 'The acquisition of 32Red is consistent with our multi-brand strategy and stated a desire to grow our business in regulated and soon to be regulated markets.
'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.'
After the 2015 acquisition of the StanJames online business made Kindred one of Europe’s largest online gambling providers and it seems that they are not ready to stop growing just yet.
In 2015, 32Red acquired the Roxy Palace online casino business. 32Red is currently licensed and regulated in Gibraltar, the UK and Italy and is listed on the AIM market of the London Stock Exchange.
The 32Red Directors, who have been advised by Numis as to the financial terms of the offer, consider the terms of the cash offer to be fair and reasonable. In providing advice to the 32Red Directors, Numis has taken into account the commercial assessments of the 32Red Directors.
This acquisition of 32Red is just another sign of the enormous growth that the Kindred Group is experiencing. With the StanJames and Unibet brands, Kindred has placed itself front-and-centre of the sports betting market and want to do the same in the behemoth that is the online casino sector.
The Kindred Group is going from strength-to-strength. 32Red will now join Kindred’s other brands which include Unibet, StanJames, Maria Casino and Bingo.com.
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