Kindred Group has signed an agreement to acquire the remaining 66.6 per cent of the outstanding shares in Relax Gaming, a leading B2B iGaming supplier, the group has announced.
Kindred has been invested in Relax Gaming since 2013 and the transaction will allow Kindred to acquire the remaining outstanding shares. The transaction values the company at up to €320 million on a cash and debt free basis (Enterprise value) and a total value of the outstanding shares of approximately €295 million (Equity value).
Relax Gaming is a market leading B2B iGaming software supplier that designs and develops online casino games, employing 240 full-time employees with four main hubs in Malta, Estonia, Sweden and Serbia.
“Through this acquisition we add a rapidly growing and profitable B2B business with a world-class product portfolio, giving us greater control over our casino, poker and bingo offering, putting Kindred in a significantly better position to achieve our long-term strategy to increase our focus on product differentiation and customer experience,” says Henrik Tjärnström, CEO at Kindred Group, of the acqusition.
On behalf of Relax Gaming, Patrik Österåker, Co-founder and Chairman of the Board, adds “joining Kindred Group comes as a natural next step in our long-standing cooperation with Kindred across all our product verticals. Kindred’s strengthened presence will allow Relax Gaming to further invest in and accelerate the expansion of our B2B offering across the globe.”
“We will continue the Relax Gaming journey as a separate B2B entity with unchanged product portfolio and overall strategy, staying true to our values and respecting the hard-earned trust of our customers. Our continued independence is a key element of the transaction, and I am happy to remain on the board of Relax Gaming,” Mr Österåker continued.
In order to secure continued integrity of Relax Gaming’s B2B customers, Kindred’s intention is to keep Relax Gaming as an independent entity within the group, with a separate Board of Directors and management team.
The transaction is conditional to customary regulatory approvals and is expected to be completed in the fourth quarter of 2021.
Featured Image:
Henrik Tjärnström / LinkedIn
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