Kambi has revealed that it has repaid a €7.5m ($8.2m) convertible bond that it issued to Kindred in 2014.
The repayment was a stipulation of the agreement that saw Kambi spin-off from Kindred in 2014, should Kambi reach and satisfy financial conditions related to the deal. Now, the figures have been reached and Kambi was obligated to pay back the sum – though it reserved the right to do it at a time of its own choosing.
With the bond now paid, Kambi no longer requires consent from Kindred for some of its events; furthermore, Kindred can no longer convert the bond into shares that would give it influence in Kambi.
The pair also stated that the deal would have “no impact on the partnership between Kambi and Kindred, which was renewed in 2022 and runs until the end of 2026.”
That deal was signed in early 2022 and will be valid after the completion of the current contract on 1 January 2024.
At the time, Kambi CEO and Co-founder Kristian Nylén said of the extension: “Kambi and Kindred continue to enjoy a fantastic relationship and this contract extension, which sees Kambi commit to providing Kindred with our modularised technology and services until 2026, enables this form of symbiotic partnership to further develop and best support the evolving strategies of both companies.”
Meanwhile, Kindred recently announced that it has initiated a strategic review, with a view to either merging with another company or being taken over.
It revealed that PJT Partners, Morgan Stanley & Co. International plc and Canaccord Genuity are the financial advisors and investment banks facilitating the sale.
