Kindred Group plc (Kindred) has agreed to buy the remaining 66.6 percent of Relax Gaming’s outstanding shares.
The transaction values the company at up to EUR 320 million (Enterprise value). But the total value of the outstanding shares is approximately €295 million (Equity value). Kindred will pay an initial consideration of approximately €80 million, which will be settled in cash upon completion.
Relax Gaming is a market leader in B2B iGaming software, designing and developing online casino games. It and supports them with an open distribution platform for third-party aggregation as well as proprietary poker and bingo products.
“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 offerings, and putting Kindred in a significantly better position to achieve our long-term strategy of increasing our focus on product differentiation and customer experience,” says Henrik Tjärnström, CEO of Kindred Group.