Shareholders of Swedish gaming operator Unibet have approved the proposed spin-off of its B2B subsidiary Kambi Group, with the company's 95 per cent stake in the business to be distributed to Unibet shareholders.
Unibet shareholders approved the move at the company’s annual general meeting (AGM) Tuesday.
Under the terms of the deal, each shareholder will receive one share in Kambi Group for each share they hold in Unibet. The transfer value to the shareholders is the equivalent of £2.00255 per share based on an independent valuation performed by auditor KPMG, and values the business at around £58m.
The shares will be distributed by post-trade service provider Euroclear Sweden AB on or about May 28th. Kambi will now apply for its shares to be listed on the NASDAQ OMX First North exchange during June, with the first day in trading set for June 2nd.
Unibet first announced its decision to propose the distribution of its stake in Kambi in April, with the spin-off described at the time as “the logical conclusion of the separation process that has been developed over the last couple of years” by CEO Henrik Tjärnstrom.
Kristian Nylèn will continue as chief executive of the supplier, which will aggressively pursue partnerships with national lottery operators as it looks to expand its client base, and will continue to offer a retail solution to suit such potential clients’ needs.
Since 2013, Kambi’s client base has expanded with a number of high profile operators such as 888 and 32Red signing up for its solution.
In related news, the AGM saw Kristofer Arwin, Peter Boggs, Nigel Cooper, Stefan Lundborg and Anders Ström re-elected as directors of the company, while Spotify global marketing director Sophia Bendz and Google Nordics director Peter Friis were newly elected as directors.