La Française des Jeux (FDJ), a key player in the European lottery and sports betting industry, has announced the successful acquisition of Kindred Group, a notable operator in the online betting and gaming market. This significant transaction marks a milestone in FDJ’s expansion strategy, further solidifying its presence in the competitive European gaming landscape.
Substantial shareholder participation in the tender offer:
As of October 2, the closing date of the offer period, FDJ has secured 90.66% of Kindred Group’s shares through the tender of 195,659,291 Swedish Depositary Receipts (SDRs). This substantial acquisition also included a direct purchase of 2,400,000 SDRs from Veralda, representing an additional 1.11% of Kindred’s capital. Having surpassed the 90% control threshold, FDJ will proceed with the acquisition and implement a squeeze-out procedure to delist Kindred from Nasdaq Stockholm.
To accommodate shareholders who have yet to tender their shares, FDJ has extended the offer period until October 18, 2024, maintaining the purchase price at SEK 130 per SDR. This extension provides a final opportunity for remaining shareholders to participate under the ongoing terms, with the settlement for these shares scheduled for October 29.
Kindred Group, known for its strong portfolio of brands such as Unibet and 32Red, has a robust presence in several top European markets, including the Netherlands, the United Kingdom, France, Sweden, and Belgium. The acquisition significantly enhances FDJ’s competitive offerings, particularly in online sports betting and gaming—a sector where Kindred excels.
Financial and operational synergies:
The deal, valued at almost €2.5 billion, creates a diversified European gaming leader, blending FDJ’s monopoly-based activities in lotteries with Kindred’s competitive online betting operations. The new conglomerate is expected to derive approximately 26% of its revenue from international markets, with online gaming contributing about 27% to its overall business activities.
Stéphane Pallez, Chairwoman and CEO of FDJ expressed enthusiasm about the acquisition, stating in a press release: “I am pleased to announce today the acquisition of Kindred, a leading European player in competitive online betting and gambling. Kindred has strong brands, recognized technological excellence, and an attractive growth and profitability profile, which will strengthen FDJ’s strengths. The two groups also share high standards in terms of responsible gaming and a business model combining performance and responsibility. This acquisition creates a new European champion that intends to pursue its strategy of sustainable and profitable growth for the benefit of all its stakeholders.”
The acquisition received the green light from regulatory bodies, including the French Competition Authority, earlier this year, setting the stage for a seamless integration of Kindred’s operations into FDJ’s broader strategy. This strategic move is aligned with FDJ’s focus on expanding its influence across Europe’s highly competitive online gaming market.
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