“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. The company was founded in 2010 and has today around 240 full-time employees with four main hubs in Malta, Estonia, Sweden and Serbia. Relax Gaming is known for its design and development of 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 €113 million and may become payable in 20, subject to Relax Gaming achieving certain earnings thresholds. Kindred will pay an initial consideration, settled in cash upon completion, of approximately €80 million (on a cash and debt-free basis). The acquisition accelerates Kindred’s strategy to increase its focus on product and customer experience by strengthening the company’s product control and product differentiation capabilities, it said in the announcement.
Kindred has been invested in Relax Gaming since 2013 and the transaction will allow Kindred to acquire the remaining 66.6 per cent of the outstanding shares. On Friday, Malta-headquartered Kindred Group announced the signing of an agreement to acquire the remaining outstanding shares in Relax Gaming, a leading and rapidly growing B2B iGaming supplier, at an implied valuation of up to €320 million for 100 per cent of the shares on a cash-free and debt-free basis.
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