When Kindred Group announced earlier this month that it would be acquiring the London-listed online gambling group, 32Red Plc, the deal was still subject to a number of terms and conditions. These included approval for the deal by the Licensing Authority of Gibraltar which licenses and regulates the Microgaming powered online casino 32Red Casino, as well as the acceptance of the deal by majority shareholders of 32Red.
This week, Kindred Group announced that its EUR 203 million deal to acquire 32Red Plc had been updated to ‘unconditional’, after it received approval from Gibraltar and the company’s shareholders approved the offer.
The next step in the deal process is now de-listing 32Red as a London AIM enterprise. As part of the agreement, 32Red will be re-registered as a private limited company. Thereafter, 32Red will have its casino, poker and sports betting brands integrated on to Kindred’s platform.
At the time of the acquisition, the chief executive of Kindred Group, Henrik Tjarnstrom said: ‘The acquisition of 32Red is consistent with our multi-brand strategy and stated 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.”
The deal will be finalized before the end of the first half of 2017.
