Kindred Group Completes the Acquisition of 32Red
The UK Gambling Commission has approved Kindred Group’s acquisition of 32Red and, with effect from 6 June 2017, Kindred Group will consolidate and have full control of 32Red.
The offer values 32Red at GBP 175.6 million and Kindred Group has received acceptances in respect of, or has otherwise acquired, over 97 per cent of 32Red’s outstanding shares. Kindred Group 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.
Total estimated transaction related costs are GBP 4.6 million of which GBP 0.6 million have already been recognised in Q1 2017 and GBP 3.2 million will be recognised in Q2 2017. The remaining cost will be recognised from Q3 2017 until Q4 2019. Amortisation of acquired intangible assets will start in Q2 2017 and is estimated at GBP 7-8 million per year over the coming three years.