FDJ makes a $2.7 billion offer to purchase Kindred, an online gaming company.

On Monday, the Swedish online business Kindred Group was the target of a takeover bid by the French gaming business La Francaise des Jeux, which claimed to be the second-largest operator in the European gaming market.

The most prominent gaming operator in France is called FDJ. In July 2018, the French government went public with FDJ, a firm that was previously under state control, by selling off half of its stake. In addition to controlling the French lottery, FDJ provides sports betting and casino activities.

OrganicGreek.com

The transaction is contingent upon the bid being accepted by 90% of Kindred’s shareholders and is pending regulatory clearance.

We are pleased to announce that the Board of Directors has unanimously recommended the acceptance of an offer from @FDJ to Kindred shareholders.

We are excited about the potential opportunities under this proposed collaboration with FDJ.

Read More: https://t.co/fo4ctNJBY8 pic.twitter.com/v8m6XL3U9a

— Kindred Group (@KindredGroup) January 22, 2024

According to Kindred Chief Executive Nils Anden, the acquisition would establish a new gaming powerhouse in Europe that will be competitive with established titans such as Entain and Flutter Entertainment.

“I think 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,” Anden stated in his statement about joining FDJ.

XMicro.com

The board of directors of Kindred noted in a statement that it had unanimously recommended that shareholders approve the all-cash transaction. Kindred shares are valued at SEK130 (US$12.47), a 24.4% premium over their closing price on Friday, January 19.

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