Kindred’s board plans to sell Unibet
The whole process of selling the gambling company started at the beginning of 2022, when Corvex Management became the 2nd largest shareholder of Kindred and instantly applied to the board for a sale.
During that period, the group’s chairperson informed them that they are sure of their ongoing strategy, but the board is currently being interested in potential buyers. The brands showing curiosity in the acquisition of Unibet are 888, Tipico and Entain.
There has been an agreement within the operators about the business not being in a right position to change its business model in line with the regulation of the markets, which means that the current price did not match with the worth of the product.
Kindred shares are currently trading at 77.66 Swedish króna, which gives the business a market capitalization of 17.64 billion Swedish króna. Last year’s EBITDA profit amounted to 94.9 million pounds, which is almost 15% of its market capitalization.
Someone familiar with the sale process noticed that lately Kindred has announced more attention to regulated markets, but suggested that further progress is needed. According to them the reason can be the fact that the management remains unchanged.
Some other sources aware of the current citations reported that the reason for the uncertainty is Kindred’s will to create its own sportsbook.
Corvex, which has 10.12% ownership of the group, is interested in finalizing the deal by changing the management or asking the board to make a purchase, though even with these steps the deal might not be reached.
Kindred and representatives of the potential buyers refused to share their opinion about the current situation.