Kindred co-founder Ström increases Kambi stake to 19.57%

Ström and Veralda acquired 649,624 shares in Kambi for SEK147.1m (£12.2m/€14.5m/$16.4m) over a series of share purchases.

Veralda acquired 777,624 shares in three batches between 27 and 29 October, then between 12 and 16 November and on 19 November, but also sold 125,000 shares in while terminating an endowment insurance on 18 November.

Veralda now holds 6,078,188 shares in Kambi, corresponding to 19.57% of the total capital in the business.

The share purchases come after Veralda in February reduced its ownership stake by 2.2% to 17.5% at a price of SEK462 per share, resulting in proceeds of approximately SEK312m.

Last month, Kambi reported that its net profit more than doubled year-on-year during the third quarter of its 2021 financial year, while revenue was also up 48.0%.

Revenue for the three months to 30 September reached €41.6m, up from €28.1m in the corresponding period last year, while net profit hiked 133.3% to €11.9m.