FDJ Completes Kindred Group Tender, Takeover Imminent
La Francaise des Jeux (FDJ) has all-but secured 90.66% of the Kindred Group’s share capital with a successful tender offer valued at more than £2 billion.
The French gaming giant that is part-owned by its government has pledged almost 200 million Swedish Depository Receipts (SDRs), including 2.4 million SDRs from Kindred shareholder Veralda.
FDJ can now proceed with what’s known as a squeeze out procedure on the NASDAQ Stockholm Stock Exchange to acquire the remaining shares and take full control.
Who are the Kindred Group?
Kindred Group is one of the world’s biggest online gambling operators and operates Unibet, 32Red, Maria Casino, Bingo.com, Roxy Palace and more. It has a major presence in Europe, the US and Australia and holds gambling licences with the UK Gambling Commission, Malta Gaming Authority and the Swedish authorities.
So this is a major acquisition that cement’s FDJ’s place at the head table of the world igaming scene. The French national lottery operator runs Loto, EuroMillions and sports betting platform ParionsSport, with the French government holding a 21% stake in the semi-privatised firm.
This is a monster deal, then, that could send ripples through the entire industry. Until now, FDJ has mainly focused its efforts on France, but this is a real statement of intent to go global, and Kindred Group’s digital expertise could transform FDJ’s portfolio and global image.
A New European Champion?
FDJ Group Chairwoman and CEO Stéphane Pallez 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 got clearance for the tender from the French Competition Authority this year, after selling its Sporting Solutions brand to Betsson Group in preparation for this huge deal that will have an impact on the global gaming community.
