Unibet proposes distribution of Kambi subsidiary

The operator will submit the proposition at its annual general meeting, which is due to take place on May 20th 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 in June, 2014.

Unibet will distribute its entire 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 “LexAsea” 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 made the decision to develop Kambi as a separate B2B business in 2010, however it did not happen 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 developing 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.”