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. Kindred’s strengthened presence will allow Relax Gaming to further invest in and accelerate the expansion of our B2B offering across the globe. “Joining Kindred Group comes as a natural next step in our long-standing cooperation with Kindred across all our product verticals. “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. Kindred has been invested in Relax Gaming since 2013 and was prior to the transaction the largest owner with 33.4 per cent of the outstanding shares. 240 full-time employees with four main hubs in Malta, Estonia, Sweden and Serbia. The company was founded in 2010 and has today c.
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Relax Gaming is a market leading B2B iGaming software supplier that designs and develops online casino games, supported by an open distribution platform for third party aggregation as well as proprietary poker and bingo products. The transaction will be financed through Kindred’s existing cash and credit facilities. In addition to the initial consideration, the maximum earn-out payments amount to EUR 113 million and may become payable in 20, subject to Relax Gaming achieving certain earnings thresholds.
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Kindred will pay an initial consideration, settled in cash upon completion, of approximately EUR 80 million (on a cash and debt free basis).
The transaction values the company at up to EUR 320 million on a cash and debt free basis (Enterprise value) and a total value of the outstanding shares of approximately EUR 295 million (Equity value). Kindred Group plc (Kindred) has signed an agreement to acquire the remaining 66.6 per cent of the outstanding shares in Relax Gaming.
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