Co-founders sell 25% of their stake in Evolution Gaming

ution Gaming's co-founders are reportedly set to reduce their ownership stake, selling 5% of all the firm's outstanding shares.

Jens von Bahr and Fredrik Österberg, the co-founders of the Live Casino systems provider, have announced the sale of 1,798,520 shares, almost 25% of their holdings in Evolution Gaming.

With this move, the pair is disposing of approximately 5% of all Evolution shares. The sale, which valued shares at SEK557 ($66) at the time it took place, has been completed via an accelerated bookbuilding process to Swedish and international institutional investors.

Upon completion, the pair said: “As co-founders of Evolution Gaming, we have both undergone a very emotional process before deciding to sell down just below 25% of our holdings.

“The company is performing well and every analyst covering our stock has a positive recommendation. There is never a good timing to sell down…so either you can simply never sell or you have to choose the least bad timing; we have chosen the latter."

Jens von Bahr and Fredrik Österberg added in a joint statement: “It is inevitable that investors will react negative to founders selling down and we both understand and appreciate that. This is likely, and hopefully, going to be a bad deal as we both hope and believe that the share price will continue to have a positive development long term.

“As aforementioned we do both still have the vast majority of our wealth in Evolution Gaming and in addition we are moving our shares to a new jointly owned vehicle that will control our shareholding in Evolution Gaming.”

“We remain firm in our belief in, and commitment to, Evolution Gaming and intend to continue to be active shareholders for the long run,” they concluded.