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Anders Ström, the co-founder of both the Kambi Group and Kindred, has sold 675,000 of his shares in Kambi, reducing his overall stake in the business to 17.5%.

Ström’s Veralda Investment entity sold the shares, which represented 2.2% of the total holding in Kambi, at a price of SEK 462 per share, resulting in proceeds of approximately SEK312m ($37.4m). Ström and Veralda now hold a total of 5,428,564 shares in Kambi, representing 17.5% of the provider’s ordinary share capital.

The shares were sold through an accelerated book-building process in an offering to Swedish and international institutional investors.

“I am very pleased to see the overwhelming interest from both current and new shareholders wanting to invest in Kambi’s growth story,” Ström said.

“By divesting a small part of Veralda’s shares in Kambi, we have effected an elemental reallocation within our overall portfolio of investments. Veralda remains committed as a long-term major shareholder and intends to continue to support Kambi through our representation in the board of directors.”