Kambi – a reference in the betting sector – revealed that it paid a €7.5 million (US$8.2 million) convertible bond it issued to Kindred in 2014. Kambi reached and satisfied the financial conditions related to the deal.
Now the numbers have been reached and Kambi has been obliged to return the sum – although it reserves the right to do so at a time of its own choosing. With the title now paid for, Kambi no longer needs Kindred consent for some of its events; in addition, Kindred can no longer convert the title into shares that would give it influence in Kambi.
The duo also stated that the deal would have “no impact on the partnership between the brand and Kindred, which was renewed in 2022 and runs until the end of 2026”. This agreement was signed in early 2022 and will be valid upon completion of the current agreement, on January 1, 2024.
At the time, Kambi CEO and co-founder Kristian Nylén said of the extension: “Kambi and Kindred continue to enjoy a fantastic relationship and this contract extension, which sees Kambi commit to providing Kindred with our technology and modularized services by 2026, allows this form of symbiotic partnership to further develop and better support the evolving strategies of both companies.”
Meanwhile, Kindred recently announced that it has begun a strategic review, with a view to merging with another company or being acquired. It revealed that PJT Partners, Morgan Stanley and Canaccord Genuity are the financial advisors and investment banks facilitating the sale.
About Kambi
Kambi is a leading provider of premium sports betting technology and services to the global betting and gaming industry. Today, the company has headquarters in Malta and offices in Australia, the Philippines, Romania, Sweden, the United Kingdom and the United States.
A trusted partner of over 25 operators across six continents, the company not only delivers a first-class betting experience, but also spurs industry innovation due to its data-driven betting core and state-of-the-art technology.