Updating the market, Stockholm-listed European online gambling group Kindred Group Plc (Kindred) has confirmed that it has completed it’s £175 million acquisition of 32Red Plc (deal first announced 23 February).
The announcement sees Kindred acquire 97% of 32Red Plc’s shares, which will now move to fully delist from the London AIM exchange market.
Kindred governance informs that it has attributed acquisition related costs of £4,6 million, of which £600,000 has been already accounted within its Q1 2017 trading update. The remaining costs attached to its deal will be recognised in the firm’s upcoming statements.
The European betting group expects to add 32Red assets directly to its corporate metrics, with an expected amortisation of £7-8 million per year over the coming three years.
In his April Q1 2017 update to investors, Kindred CEO Henrik Tjärnström stated that his firm had acquired a top tier UK online casino asset, which would complement its existing market portfolio of Unibet UK and Stan James sports betting brands.
Tjärnström further stated that Kindred executives would push to make 32 Red cash effective asset by improving cost and operational synergies with existing corporate assets.