Kindred to buy 32Red

[LD]

Deal announced today will see Kindred buy 32Red for £176 million.

Like the recent Betsson/NetPlay deal this one sees another big Nordic brand wanting grow their presence in the UK.

The 32Red brand (and likely live casino) will remain, under the Kindred Group corporate umbrella.

[LD]

Good move from Kindred.

32Red's audited 2016 results were released yesterday and they were (slightly) better than estimates, and much better than 2015 results.

- Revenue up 28% (on 2015) to £62.3 million
- EBITDA up 102% to £10.6 million (expectation during acquisition was just under £10 million)
- Profit before tax up 511% to £6.5 million

[Unclefester]

Kindred has its prize after gaining approval from the UK Gambling Commission (UKGC).

By the start of the month Kindred had acquired over 97% of 32Red's outstanding shares. Kindred has announced it will exercise its right to acquire compulsorily the remaining 32Red shares.