Finian’s Oscar winning the 32 Red-sponsored Tolworth Hurdle in January
PICTURE: Edward Whitaker (racingpost.com/photos)
ONLINE betting firm 32Red and Kindred Group plc revealed on Thursday that they had reached an agreement for a takeover by the latter that values 32Red at approximately £175.6million.
Founded in 2002, Gibraltar-based 32Red has become a much more visible presence in recent years, firstly as sponsors of Aston Villa and recently for their portfolio of racing sponsorships, which include the All-Weather Championships, Sprint Cup and King George VI Chase.
Their CEO Ed Ware said of the deal: “We have consistently and profitably grown 32Red’s market share in the regulated markets of the UK and more recently, Italy.
“The management team at Kindred have a similar business philosophy to our own and we look forward to joining forces with Kindred and continuing our successful growth within the Kindred Group.”
Kindred is the company responsible for both the Unibet and StanJames brands in Britain. Their CEO Henrik Tjärnström said: “The acquisition of 32Red is consistent with our multi-brand strategy and stated desire to grow our business in regulated and soon to be regulated markets.
“32Red is a high quality, customer-focused business with a similar culture to Kindred’s and we are delighted to welcome 32Red and its team into the Kindred Group and look forward to further developing the brand going forward.”
Based in Malta, Kindred employs over 1,100 people and was recently valued at over £1,700million.
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