FDJ to close Kindred deal on 2 October and become a “European Champion”

Groupe Française des Jeux (Groupe FDJ) will move to conclude its acquisition of Kindred Group Plc on 2 October.

The Paris Euronext gambling group declared to markets its intentions to bring forward the acceptance period for investors to approve its €2.6bn offer to acquire Kindred Group.

On Monday, FDJ’s deal secured its approval from France’s Competition Authority, clearing all mandatory regulatory procedures to proceed with the acquisition.

First announced on 22 January, the board of FDJ submitted its public offer to Kindred investors to acquire the Stockholm-listed gambling group for an SEK 130 in cash per share, valuing Kindred at €2.4bn-to-2.6bn.

Kindred’s board, led by CEO Nils Andén, has unanimously recommended that its shareholders accept the offer, as it aligns with long-term strategic goals and accelerates the move towards locally regulated revenue.

The acceptance of the offer is critical, with FDJ aiming to secure more than 90% of Kindred’s shares to fully integrate the company. Of significance five key shareholders, collectively holding 26.72% of Kindred’s Stockholm shareholding  have made an irrevocable commitment to tender their SDRs. Additionally, FDJ acquired 1.11% of Kindred’s shareholding directly from Veralda Investments.

This acquisition is a key step in FDJ’s strategy to expand its gaming and sports betting operations beyond its home market of France.

The merger with Kindred would establish an enlarged Group FDJ as a major player in the European gaming market, in which it seeks to become Europe’s second largest gambling Plc in earnings and corporate valuation.

The board of FDJ will announce the results of the Offer on or around 3 October 2024. If successful, settlement and delivery for the shareholders will occur on or around 11 October 2024.