Kindred Group To Acquire 32red Group

KINDRED GROUP TO ACQUIRE 32RED GROUP

23rd February, 2017 at 08:37:42
Source: http://www.azonlinecasinos.com

Former Unibet online gambling group prepared to spend 176 million on deal.

The Reuters news agency reported Thursday that the Kindred online gambling group (formerly known as Unibet) has announced its planned acquisition of the 32Red online gambling group for a consideration of almost 176 million.

The acquisition will further strengthen Kindred's position in the UK online gambling market, a statement from the company claimed, advising that Kindred has made a 175.6 million cash offer for 32Red, with the cash funded from new acquisition facilities of up to 178 million, specifically for the purposes of this transaction.

32Red shareholders will be entitled to receive 1.96 per share and will also be entitled to receive a second interim dividend of 0.04 per share, the company advised, noting that the bid, together with the approved dividend represents a premium of approximately 16.3% to the closing price per 32Red share of 172 pence on 22 February 2017.

In 2015, 32Red generated Net Gaming Revenues of 48.7 million and EBITDA of 5.2 million. On 1 February 2017, 32Red issued a Post Close Trading update for the year ended 31 December 2016 and announced Net Gaming Revenues of 62.3 million. The company is licensed and regulated in Gibraltar, the UK and Italy and is listed on the AIM market of the London Stock Exchange. It currently boasts 125 employees based in Gibraltar.

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