FDJ Accelerates Kindred Acquisition Deadline to 2 October 2024

FDJ Brings Forward Deadline for Kindred Acquisition After Securing Regulatory Approval

In a major development for the European gambling landscape, La Française des Jeux (FDJ) has accelerated the deadline for its acquisition of Kindred Group. Initially set for 19 November 2024, the acceptance period has now been moved up to 2 October 2024, following final regulatory approval from the French Competition Authority.

The acquisition, valued at SEK 130 ($12.77) per Swedish Depository Receipt (SDR), represents a significant cash offer to Kindred shareholders. FDJ’s offer has been under discussion since January 2024, with the final regulatory clearance being the last hurdle. The French Competition Authority’s approval fast-tracked the deal, enabling FDJ to push the deadline forward.

FDJ had set certain conditions for the acquisition, including regulatory clearances, which have now all been met. The offer is contingent on FDJ securing ownership of more than 90% of Kindred’s total shares on a fully diluted basis. As of the latest update, five major shareholders representing 26.72% of Kindred’s SDRs have made irrevocable commitments to tender their shares. These shareholders include Corvex Management LP, Premier Investissement SAS, and Nordea.

With the process now moving rapidly, FDJ plans to announce the results of the offer on or around 3 October 2024. Settlement and delivery for shareholders who accept the offer are expected by 11 October 2024. This acquisition is positioned to solidify FDJ’s international presence and reshape its strategic approach in the European gambling industry.

The deal marks a significant expansion for FDJ, following the company’s sale of Sporting Solutions to Betsson Group in August 2024. This sale allowed FDJ to refocus on its core B2C and B2B2C operations, particularly in the lottery and sports betting markets. FDJ’s broader strategy is clear: the acquisition of Kindred will bolster its position in Europe, giving it access to an expanded portfolio and further reinforcing its leadership in the regulated gambling market.

FDJ CEO, Stéphane Pallez, has previously outlined FDJ’s commitment to growing through strategic acquisitions, and this accelerated move confirms that ambition. The acquisition of Kindred will enhance FDJ’s presence across Europe, making it a key player in both the lottery and sports betting sectors.

With all regulatory approvals now secured, FDJ’s accelerated acquisition of Kindred highlights its ambitions to dominate the European gambling market. By integrating Kindred’s assets into its portfolio, FDJ is well-positioned to strengthen its foothold in the international gaming sector. This move solidifies FDJ’s strategy to expand its operations while offering enhanced services to its growing customer base.