32Red, the famous British online casino has been acquired by Kindred Group PLC, noted Online gambling operator. The acquisition has got the nod from the UK Gambling Commission. Starting from June 6, 2017, Kindred Group, the Malta-based gambling operator will take total control of 32Red. The deal was closed at 175.6 million GBP.
Kindred Group, listed on the Nasdaq Stockholm is among biggest online gambling providers in Europe. It has acquired over 97 percent shares of 32Red. The remaining shares of 32Red will also be bought by Kindred Group. The latter will get delisted from the London Stock Exchange’s Alternative Investment Market as a part of the acquisition process.
The probable costs of the transaction is approx GBP 4.6 million. It will be recognized in parts in Q1 2017 and Q2 2017. The remaining cost will be recognized between Q3 2017 and Q4 2019. In the 2nd quarter of 2017, amortization of acquired intangible assets is expected to begin. It is estimated at approx GBP 7-8 million a year, for next 3 years.
Licensed by the UK Gambling Commission and Government of Gibraltar, 32Red was licensed in 2002 in Gibraltar. It has been an award winning online casino. The 32Red PLC Group is the owner of multiple brands like 32Red Bingo and 32Red Sport, apart from 32Red Online Casino.
Kindred Group PLC, earlier known as Unibet Group PLC, offers live Sports and pre-game betting, online casino, Poker etc through its numerous subsidiaries and brands. The Company operates in Europe and Australia mostly. Its bands are Unibet, Bingo.com, Veikkaushuone, Pokerihuone, StanJames.com, iGame, Kolikkopelit, 24hBet etc.
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