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France – FDJ puts in SEK 27,951m offer to buy Kindred

By - 22 January 2024

La Française des Jeux wants to buy Kindred Group for SEK 27,951m to create a ‘European gaming champion with increased scale, technology and content capabilities and greater diversification.’

The acquisition of Kindred, whose brands include 32Red and Unibet, fits FDJ’s ambition to expand internationally as an online betting & gaming operator, and to develop its activities in the French online & betting markets opened to competition.

The combined group will benefit from operating at higher scale in the European gaming markets – with combined 2023 Gross Gaming Revenues of €8bn with coverage of all 4 online betting & gaming verticals. It create a top three online betting & gaming player in France on markets opened to competition, stronger challenger to incumbents. As the offeror is not in a position to operate in locally unregulated markets without an ongoing path to regulation, Kindred will exit from the Norwegian market and those other non-regulated markets with no ongoing path to regulation after completion of the Offer.

Across its portfolio of iconic brands, Kindred is a trusted source of safe, fair, and sustainable entertainment for 1.6 million active customers. Kindred employs over 2,400 people and is listed on Nasdaq Stockholm Large Cap.

Stéphane Pallez, Chairwoman and CEO of FDJ Group, 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. In this market, Kindred is one of the leading operators, combining strong brands, best-in-class technology platforms, an attractive growth profile and a committed approach to responsible gaming. Given their respective histories, 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 combination will result in a stronger strategic positioning and significant value creation for the benefit of our shareholders and broader stakeholders.”

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.”

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