32Red casino sold to Unibet owner Kindred
Maybe Kindred does not ring bell right away, but of course we used to know this company as Unibet in the past. They’ve changed their name to Kindred last year. So this firm has announced that they’ve struck an agreement with 32Red, and they will pay £175.6 million for this popular casino operator which is about 219 million dollars.
With this agreement Kindred will have a stronger presence in the UK betting market, as 32Red casino has a long history in the British market. 32Red stockholders will get a price of £1.96 per share, while also getting an interim dividend of £0.04 per share. This price is 16.3% higher than the closing price of £1.72 as of February 22nd.
Kindred was known as Unibet until last year when they decided to change their name in order to broaden their brand. Purchasing 32Red is definitely a part of this strategy, as it gives them a strong UK online brand with a long history.
This deal is of course subject to shareholder approval, but we don’t see any big obstacles to prevent this buy from happening.