{"id":274738,"date":"2023-05-24T13:32:57","date_gmt":"2023-05-24T18:32:57","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=274738"},"modified":"2023-05-25T05:56:59","modified_gmt":"2023-05-25T10:56:59","slug":"kindred-prepping-sale-mgm-flutter-could-make-bids","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/kindred-prepping-sale-mgm-flutter-could-make-bids\/","title":{"rendered":"MGM, Flutter, Others Could Bid for Kindred"},"content":{"rendered":"

Amid turnover in the C-suite, Swedish online gaming operator Kindred Group Plc (OTC: KNDGF) is said to be ramping up a sale process and could draw interest from some of the industry\u2019s biggest names, including Flutter Entertainment (OTC: PDYPY) and MGM Resorts International (NYSE: MGM).<\/p>\n

\"The
The Kindred Group logo inside one of its offices. The company is accelerating its sale process and MGM and Flutter could be among the bidders. (Image: Kindred Group)<\/figcaption><\/figure>\n

The rumor sent shares of Kindred higher by as much as 7.7% in Stockholm trading on Wednesday. The operator of the Unibet online sportsbook and the 32Red internet casino announced in late April it was mulling<\/a> a potential sale. Since then, Johan Wilsby announced he\u2019ll step down as chief financial officer later this year while CEO Henrik Tj\u00e4rnstr\u00f6m<\/a> resigned with immediate effect on May 17.<\/p>\n

\n

Those departures stoked speculation that a sale would now be easier to execute. Kindred is reportedly asking suitors to submit first-round bids by the end of this month. Citing unidentified sources close to the matter, Bloomberg<\/em> reported that Kindred has been in touch with Entain Plc (OTC: GMVHY), Evolution AB, and Flutter regarding a transaction.<\/p>\n<\/div>\n

Entain and Flutter, the parent company of FanDuel, could evaluate specific parts of the Kindred portfolio rather than the entire company.<\/p>\n

Why MGM Makes for an Interesting Kindred Suitor<\/h2>\n

MGM hasn\u2019t confirmed publicly that it\u2019s interested in Kindred, but for multiple reasons, it makes for an interesting pairing. Those factors include Keith Meister\u2019s Corvex Management<\/a> being one of the driving forces behind Kindred considering a corporate action.<\/p>\n

\n

The activist investor built a stake in the Swedish company last year, pushing for change. He\u2019s also a member of the MGM Board of Directors. The casino giant has signaled an interest in iGaming acquisitions and expanding abroad. It did just that with its 2022, $607 million acquisition of LeoVegas AB, another Swedish company.<\/p>\n<\/div>\n

Beyond the Meister ties and the potential Sweden coincidence, there\u2019s another point of interest. If MGM and Entain both bid for Kindred, that would pit the two owners of BetMGM against each other.<\/p>\n

Entain is one of the most acquisitive<\/a> companies in the industry, something MGM surely knows, but the extent of the former\u2019s interest in Kindred isn\u2019t yet known. Kindred\u2019s market capitalization of $2.58 billion makes it approachable for any number of larger suitors.<\/p>\n

Fanatics a Possibility?<\/h2>\n

In an interview with Bloomberg<\/em>, David Brohan, an analyst at Goodbody, mentioned Fanatics and MGM as possible suitors for Kindred.<\/p>\n

\n

Fanatics can afford Kindred, but it\u2019s less than two weeks removed from announcing the $150 million, all-cash purchase of PointsBet\u2019s US operations<\/a>. That spurred chatter Fanatics could look to make another sports wagering deal, but the company\u2019s focus is on building out its domestic gaming operations and it hasn\u2019t mentioned any near-term desire to expand that business outside of the US.<\/p>\n<\/div>\n

Even without Fanatics, Kindred won\u2019t be short of suitors and it\u2019s possible a deal could materialize in the coming weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amid turnover in the C-suite, Swedish online gaming operator Kindred Group Plc (OTC: KNDGF) is said to be ramping up a sale process and could draw interest from some of the industry\u2019s biggest names, including Flutter Entertainment (OTC: PDYPY) and MGM Resorts International (NYSE: MGM). The rumor sent shares of Kindred higher by as much […]<\/p>\n","protected":false},"author":46,"featured_media":216391,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093,1],"tags":[81903,81966,81967],"acf":[],"yoast_head":"\nKindred Prepping Sale, MGM, Flutter Could Make Bids<\/title>\n<meta name=\"description\" content=\"Kindred Group looking for buyers and MGM, Entain and Flutter could be interested.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/kindred-prepping-sale-mgm-flutter-could-make-bids\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kindred Prepping Sale, MGM, Flutter Could Make Bids\" \/>\n<meta property=\"og:description\" content=\"Kindred Group looking for buyers and MGM, Entain and Flutter could be interested.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/kindred-prepping-sale-mgm-flutter-could-make-bids\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-24T18:32:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-25T10:56:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/kindred-group-kontor-maj-2019-0004.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/kindred-prepping-sale-mgm-flutter-could-make-bids\/\",\"url\":\"https:\/\/www.casino.org\/news\/kindred-prepping-sale-mgm-flutter-could-make-bids\/\",\"name\":\"Kindred Prepping Sale, MGM, Flutter Could Make Bids\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/kindred-prepping-sale-mgm-flutter-could-make-bids\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/kindred-prepping-sale-mgm-flutter-could-make-bids\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/kindred-group-kontor-maj-2019-0004.jpg\",\"datePublished\":\"2023-05-24T18:32:57+00:00\",\"dateModified\":\"2023-05-25T10:56:59+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Kindred Group looking for buyers and MGM, Entain and Flutter could be interested.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/kindred-prepping-sale-mgm-flutter-could-make-bids\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/kindred-prepping-sale-mgm-flutter-could-make-bids\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/kindred-prepping-sale-mgm-flutter-could-make-bids\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/kindred-group-kontor-maj-2019-0004.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/kindred-group-kontor-maj-2019-0004.jpg\",\"width\":1000,\"height\":667,\"caption\":\"Kindred Group's logo in 3D in one of its offices. 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