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32Red taken over by the Kindred Group

2017-05-17 16:06:41

Following intense negotiations, 32Red shareholders have finally accepted the purchase offer of Stockholm-based Kindred Group, “one of Europe’s fastest growing online gambling companies with more than 1,100 employees working across 13 markets.” The takeover of 32Red, based in Gibraltar, will come at a cost of £176.5 million and has been given approval by the Licensing Authority of Gibraltar, meeting all regulatory needs and making the offer unconditional.

Kindred Tapping Further Into The UK Market

The ambitious takeover is a further sign of Kindred Group’s intended growth in the UK market and marks the company’s first acquisition since its purchase of StanJames in 2015. The deal will undoubtedly improve Kindred Group’s position in the online casino market and keeps in line with the company’s multi-brand strategy. The Swedish firm has a host of Scandinavian companies under its portfolio, but online sports betting company Unibet remains its major asset. Online gaming companies MariaCasino and, also under the ownership of Kindred, represent a clear sign of the company’s ambitions in the UK market. 32Red will be integrated with Kindred Group’s current portfolio but initially will be re-registered as a private limited company. All 32Red assets are on schedule to be integrated with those of Kindred’s by the first half of the 2017 financial year.

Henrik Tjarnstrom, CEO of Kindred Group, stated upon the launch of the bid for 32Red: “The acquisition of 32Red is consistent with our multi-brand strategy and stated a desire to grow our business in locally regulated and soon to be regulated markets. 32Red is a high quality, customer-focused business with a similar culture to Kindred Group’s and we are delighted to welcome 32Red and its team into the Kindred family and look forward to further developing the brand going forward.”