FDJ announces plan to acquire Kindred

Updated:2024-03-30 07:53    Views:87

La Française des Jeux (FDJ) has published the intent to make a public offer for Kindred Group.

The acquisition will be facilitated by FDJ gaining over 90% of Kindred’s capital, subject to regulations.

FDJ has offered SEK130 ($12.47) in cash per Swedish Depository Receipt (SDR) to the current holders, which FDJ has described “for the sake of simplicity” as “‘shares’ and the holders as ‘shareholders’.”

The Kindred Board of Directors has unanimously recommended that shareholders accept this offer.

Stéphane Pallez, FDJ Group Chairwoman and CEO, said: “I am pleased to announce today the proposed acquisition of Kindred.

“Fully aligned with our strategy, it will give the Group a diversified and balanced profile, based on several pillars: the monopoly activities, mainly the lottery, on our French historical market and, since November, in Ireland, with the acquisition of the Irish lottery operator PLI; and online sports betting and gaming activities open to competition in Europe.

“Given their respective histories,Online Casino Games strategic strengths and core values, FDJ and Kindred are highly complementary, and I will be delighted to welcome Kindred's management team and many talented individuals into the combined Group following this transaction.”

The offer will go live on 20 February and will last for 39 weeks.

Nils Andén, Kindred CEO, 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.”

In response, Kindred will hold an Extraordinary General Meeting on 15 March which will allow the company to plan a strategic squeeze-out procedure.

Andén continued: “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.”

Of course, Gambling Insider predicted that something like this would happen last summer…



 



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