Kindred speeds up sale plans after executives quit

Kindred speeds up sale plans after executives quit

Article brief provided by Bloomberg News
  • Vinicy Chan and Christopher Palmeri, Bloomberg News
May 25, 2023 8:02 PM
  • Vinicy Chan and Christopher Palmeri, Bloomberg News

Online gambling firm Kindred Group Plc is accelerating plans for a potential sale, people with knowledge of the matter said, following the departures of senior managers in recent weeks.

The company, which runs sports wagering site Unibet and online casino 32Red, has asked prospective bidders to submit first-round offers by the end of May, according to the people.

Kindred’s Swedish depositary receipts jumped as much as 7.7% on Wednesday, hitting the highest intraday level since October 2021. They were up 2.4% at 4:57 p.m. in Stockholm, giving the company a market value of 30 billion kronor ($2.8 billion).

Industry rivals including MGM Resorts International are among possible suitors studying the business, the people said, asking not to be identified because the information is private.