Online gaming operator Unibet has proposed to distribute its 95% stake in business-to-business subsidiary Kambi Sports Solutions to its shareholders.Under the proposal, Unibet expects the business to be listed on the Swedish stock exchange in June of this year.
The operator will submit the proposition at its annual general meeting, which is due to take place on May 20 in Stockholm, Sweden.
Subject to shareholder approval, Kambi will apply for its shares to be listed on the NASDAQ OMX First North exchange in Stockholm during June 2014.
Unibet will distribute all of its stake in Kambi, meaning it would not have any shareholding in the business after the separation.
The distribution of shares is intended to be made under the “Lex Asea” provisions and will therefore not result in any immediate tax consequences for Swedish resident taxpayers.
Kambi provides a fully-managed sports betting service to Unibet and eight other B2B clients across Europe and internationally.
Unibet first took the decision to develop Kambi as a separate B2B business in 2010 but was not fully expected until a year later due to complexities of ensuring full separation.
As part of the separation, Unibet’s sportsbook operations and related intellectual property assets were transferred to Kambi and a separate corporate and operational structure was put in place.
Henrik Tjärnström, chief executive officer of Unibet, said: “The proposal to distribute Kambi to Unibet shareholders is the logical conclusion of the separation process that has been developed over the last couple of years.
“In that period, Unibet has focused its business on excellence in customer relationship management, while Kambi has been able to concentrate on development of its market-leading sports betting services.
“While Kambi has an excellent offering, its opportunity to maximise the value of those services is limited while it is under the ownership of Unibet. Separation will make it easier for Kambi to access wider markets.”
source : www.igamingbusiness.com
