US investment bank Goldman Sachs cuts stake in Malta-headquartered Kindred Group

The US investment bank Goldman Sachs has significantly cut its stake in the Malta-headquartered iGaming giant Kindred Group, bringing its total voting share down from 5.42 per cent to 0.16 per cent.

The transaction was made on 16th August and announced by Kindred Group on 22nd August.

Fellow US banking giant JPMorgan Chase & Co has meanwhile taken up a position of similar size, in a series of moves since late March.

Kindred Group was founded in 1997 with the aim of providing customers with a better and safer way to bet in the modern digital world. Since then, it has established significant market share in key regulated markets across the globe.

While it is listed on Nasdaq Stockholm Large Cap, it is registered in Malta, with an office in Valletta.

The group recently had to exit the North American market, a decision that was taken following an extensive strategic review. This had driven a 53 per cent decrease in pre-tax profit during 2023.