Veralda Investment, headed up by Kambi Group co-founder Anders Ström, has sold 675,000 shares in the sports betting supplier for approximately SEK 312m ($37.5m).
The Stockholm-based investment company sold 2% worth of shares in Kambi, through an accelerated book-building process in an offering to Swedish and international institutional investors, at SEK 462 per share.
That means Veralda has reduced its stake in the supplier to 17.5%, now owning 5,428,564 shares. The remaining shares held by the investment fund will be subject to a customary lock-up for 90 days after the settlement of the placement.
Veralda chairman and Kambi director Ström said: “I am very pleased to see the overwhelming interest from both current and new shareholders wanting to invest in Kambi’s growth story.
“Kambi has developed into a leading premium sports betting technology company, with significant opportunities in new and existing markets.
“Veralda remains committed as a long-term major shareholder and intends to continue to support Kambi through our representation in the board of directors.”
Ström founded Unibet back in 1997 which became Kindred Group five years ago, the operator who Ström informed in December that he would not be seeking re-election as non-executive chairman. He also helped set up Kambi, which spun off from Unibet.
Earlier this week, Kambi saw its full-year 2020 revenue rise by 28% year-on-year up to €117.7m ($142.5m) after Q4 revenue rose 76% to €46.9m.