Kindred completes 32Red deal
Kindred Group has finalised its acquisition of 32Red after gaining approval from the UK Gambling Commission (UKGC).
The offer valued 32Red at £175.6m (€201.9m/$226.4m) and Kindred acquired over 97% of 32Red's outstanding shares.
Kindred announced it will exercise its right to acquire compulsorily the remaining 32Red shares and procure the delisting of 32Red from the AIM Market of the London Stock Exchange.
The total estimated cost of the transaction is £4.6m, of which £600,000 has already been accounted for in the first quarter of 2017 with £3.2m to be accounted for in Kindred's report for the second quarter of the year.
In April, Kindred’s bid was accepted by 32Red majority shareholders and also granted approval by the Licensing Authority of Gibraltar, but completion of the deal had to wait for the UKGC’s approval.
In 2016, 32Red saw record net gaming revenue of £62.3m.