1. Home>
  2. Gambling Business News>

FDJ Launches $2.67 Billion Bid to Acquire Kindred Group

French lottery operator makes surprise takeover bid

by - Monday, January 22nd, 2024 12:11
Kindred Group Revenue
FDJ Launches $2.67 Billion Bid to Acquire Kindred Group

According to a statement released by Kindred today, the deal will see FDJ pay a 24.4% premium over the closing price of SEK 104.50 on Nasdaq Stockholm on 19 January 2024, the last trading day before the offer’s announcement.

The offer acceptance period is expected to start on 20th February 2024 and conclude on 19th November 2024.

Kindred has stated that completion of the offer hinges on several conditions:

  • FDJ acquiring more than 90% of Kindred’s total shares (on a fully diluted basis).
    • FDJ Launches $2.67 Billion Bid to Acquire Kindred Group
  • No material adverse changes affecting Kindred’s financial position, operations, licenses, revenues, results, liquidity, solidity, equity, or assets.
  • No legal or regulatory obstacles that significantly impede the offer or acquisition.
  • Kindred refraining from any actions that could hinder the offer or its prerequisites.
  • Amendments to Kindred’s articles of association and SDR terms to facilitate the transfer of all shares to FDJ, assuming FDJ acquires more than 90% of Kindred’s total outstanding SDRs.
    • FDJ Launches $2.67 Billion Bid to Acquire Kindred Group
FDJ Launches $2.67 Billion Bid to Acquire Kindred Group

Speaking in a statement released by FDJ, Stéphane Pallez, Chairperson and CEO of FDJ Group, said:

FDJ Launches $2.67 Billion Bid to Acquire Kindred Group FDJ Launches $2.67 Billion Bid to Acquire Kindred Group

Nils Andén, CEO of Kindred, said:

“I’m delighted with today’s transaction announcement between FDJ and Kindred, creating a leading European gaming operator with the financial and strategic capabilities to further expand its global footprint. I believe that combining with FDJ, Kindred can accelerate the delivery of long-term strategic projects, continue to grow in core markets, and provide a trusted source of entertainment to customers. It will also speed up our path towards 100% locally regulated revenue.

I’m excited to bring Kindred’s extensive experience and know-how into FDJ’s organisation, contributing to the development of a leading online gaming business. I’m also very proud that FDJ acknowledges and values the skilled employees and strong assets within Kindred.”

Natasha Lyndon

Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.