Feb 23 (Reuters) - Online gaming company Kindred Group said on Thursday it was buying gaming firm 32Red for £176 million ($218.82 million), further strengthening its position in the online casino market in the United Kingdom.
* Says to make a GBP 175.6 mln recommended cash offer for 32Red
* Says cash consideration payable under the offer will be funded by new acquisition facilities of up to GBP 178 million, specifically for the purposes of this transaction
* 32Red shareholders will be entitled to receive GBP 1.96 per share and will also be entitled to receive a second interim dividend of GBP 0.04 per share.
* Says bid together with the approved dividend represents a premium of approximately 16.3 pct to the closing price per 32Red share of 172.0 pence on 22 February 2017.
* Says In 2015, 32Red generated Net Gaming Revenues of GBP 48.7 million and EBITDA of GBP 5.2 million.
* Says on 1 February 2017, 32Red issued a Post Close Trading update for the year ended 31 December 2016 and announced Net Gaming Revenues of GBP 62.3 million.
* Says 32Red is licensed and regulated in Gibraltar, the UK and Italy and is listed on the AIM market of the London Stock Exchange.
* Says 32Red has approximately 125 employees based in Gibraltar.
* Says completion of the transaction is subject to certain conditions including customary regulatory approvals by the relevant gambling authorities. Source text for Eikon: ($1 = 0.8043 pounds) (Reporting by Johannes Hellstrom)