FDJ completes tender offer for Kindred Group, acquiring over 90% of shares
With 90.66% of Kindred’s shares acquired, FDJ will implement a squeeze-out process and complete the transaction, extending the offer period for remaining shareholders until 18 October.
Key Points:
– FDJ has acquired 90.66% of Kindred’s share capital by the offer deadline of 2 October
– FDJ will carry out a squeeze-out procedure to acquire remaining shares
– The acquisition is valued at approximately €2.5bn
La Française des Jeux (FDJ) has completed its tender offer for Kindred Group, securing 90.66% of the company’s share capital.
This includes 195.7 million Swedish Depository Receipts (SDRs) tendered by the close of the offer period on 2 October, alongside 2.4m SDRs previously acquired from Veralda, one of Kindred’s major shareholders.
The nearly €2.5bn ($2.7bn) transaction will allow FDJ to move forward with a squeeze-out procedure on Nasdaq Stockholm to acquire the remaining shares.
FDJ has also extended the offer period until 18 October, giving additional Kindred shareholders an opportunity to tender their shares at SEK 130 ($12.60) per SDR. Settlement for these shares is expected to occur from 29 October.
Kindred Group operates brands such as Unibet and 32Red, offering online gambling services, including sports betting, poker and casino games.
This acquisition strengthens FDJ’s presence in the European gaming sector, adding Kindred’s online operations to FDJ’s existing lottery and sports betting activities in France and Ireland. The combined group will generate around 26% of its revenue internationally, with 27% derived from online gaming.
Stéphane Pallez, FDJ Group Chairwoman and CEO, said: “Kindred has strong brands, recognised technological excellence and an attractive growth and profitability profile, all of which will bolster FDJ’s strengths. The two groups also share high standards for responsible gaming and a business model that combines 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.”
FDJ’s tender offer follows regulatory approvals earlier this year, including clearance from the French Competition Authority. This acquisition is part of FDJ’s strategy to expand its role in Europe’s competitive online gaming market.
In August 2024, FDJ also sold its Sporting Solutions brand to Betsson Group. The sale was seen as a strategic move to focus on core operations in lottery and sports betting while pursuing acquisitions like Kindred.
Settlement for Kindred shareholders who tendered their SDRs by 2 October is expected to begin on 11 October.
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