Kindred Group, the London-listed gaming operator formerly known as Unibet, has agreed a £175.6m deal to acquire Gibraltar-based 32Red plc.
The boards of the two operators have reached agreement on the terms of a recommended cash offer, which will see Kindred acquire the entire issued and to-be-issued share capital of 32Red.
Under the terms of the offer, Kindred will pay 196 pence for each 32Red share, which values the company at approximately £175.6m. Shareholders as of March 3rd will also be entitled to an interim dividend of 4 pence per share, to be paid on March 23rd.
The combined cash offer and dividend represents a 16.3 per cent premium on 32Red's share price of 172.00 pence per share on February 22nd.
Kindred CEO Henrik Tjärnström said the proposed acquisition of 32Red is consistent with his company's multi-brand strategy and focus on regulated and soon-to-be regulated markets.