Online gambling operator Kindred Group Plc (SDR) (STO:KIND-SDB) has acquired British online casino company 32Red (AIM: TTR). Effective from June 6, 2017, the Malta-based operator will consolidate and have complete control of 32Red.

Approved by the UK Gambling Commission, the offer values the Gibraltar-licensed company at GBP 175.6 million.

Kindred Group, which is listed on Nasdaq Stockholm and is one of the largest providers of online gambling and digital contents in Europe, has acquired or has received acceptances in respect of, more than 97 percent of 32Red’s outstanding shares, according to the press release. The right to purchase compulsorily the remainder of 32Red shares will be exercised by Kindred Group and it will procure the delisting of the acquired company from the Alternative Investment Market (AIM) of the London Stock Exchange.

The estimated costs related to the transaction total GBP 4.6 million; GBP 0.6 of which, were previously recognized in Q1 2017 and in Q2 2017, GBP 3.2 million will be recognized. From Q3 2017 to Q4 2019, the remainder of the cost will be recognized. In Q2 2017, amortization of the acquired intangible assets will begin and over the next three years is estimated at GBP 7-8 million per year, according to the press release.

Licensed by the Government of Gibraltar and the UK Gambling Commission, 32Red has been licensed in Gibraltar since 2002 and is a multiple award-winning online casino. Along with 32Red Online Casino, the 32Red Plc Group operates 32Red Poker Room, 32Red Bingo, 32Red Sport and multiple brands including the most recent addition, Roxy Palace.

Formerly Unibet Group Plc, Kindred Group plc offers pre-game and live Sports betting, Poker, Casino and Games, through its subsidiaries and brands across its markets. The Company’s core markets are in Australia and in Europe and its brands include Unibet, Maria Casino, Bingo.com, StanJames.com, iGame, Hertat, Kolikkopelit, Veikkaushuone, Casinohuone, Bingohuone, Pokerihuone, 24hBet and Bohemia Casino.